Federated Hermes price target lowered to $45 from $47 at JPMorgan

JPMorgan analyst Kenneth Worthington lowered the firm’s price target on Federated Hermes to $45 from $47 and keeps an Overweight rating on the shares. The analyst remains positive on Federated and continues to believe in a money market fund growth thesis. While equity and fixed income flows still struggle with “subpar, yet improving” performance, the company’s $5B mandate funding pipeline announced in Q2 helps offset modest outflows seen so far this quarter on the fund side, the analyst tells investors in a research note.