Citi Reiterated its Hold rating on Federated Investors FII. At the same time, Citi lowered its price target on the company's stock from $25 to $24.
In a research report published today, Citi states, "We see FII struggling against
deteriorating macro-economic backdrop and see the stock range bound. We would
need to see the stock retrace toward $20 to reconsider our ambivalence, all else equal.
So, why not an outright Sell given dissipating rate/volume leverage, limited EPS growth
and regulatory uncertainty? Our decision essentially reflects already heavy short
interest, including an industry leading 16 days to cover."
On Wednesday, Federated lost 3.94% to end the day at $24.62.
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Posted In: Analyst ColorPrice TargetAnalyst RatingsAsset Management & Custody BanksCitiFederated InvestorsFinancials
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