Federated Hermes upgraded to Neutral from Underweight at JPMorgan

JPMorgan analyst Kenneth Worthington upgraded Federated Hermes (FHI) to Neutral from Underweight with a price target of $54, up from $40, post the Q2 report. The company’s July is off to a better start with money market assets up $8B from the end of the quarter, the analyst tells investors in a research note. The firm says Federated’s equity business is doing better. Further, rate cuts in the second half of the year will benefit the industry as institutional clients move away from the direct market, contends JPMorgan.