Federated Hermes price target raised to $55 from $48 at Evercore ISI

Evercore ISI raised the firm’s price target on Federated Hermes (FHI) to $55 from $48 and keeps an Outperform rating on the shares. The summer closed on a positive note for the traditional manager group with both stocks and bonds “broadly in the green,” while industry organic growth stayed improved for a fourth consecutive month, the analyst tells investors in an early look at August and Q3 traditional asset manager flows ahead of monthly AUM and flow results coming next week.