UPDATE: Bank of America Lowers PT on Federated Investors from $29 to $28

Bank of America has published a research report on Federated Investors Inc FII lowering the price target from $29 to $28. In the report, Bank of America wrote, "Maintain our Buy following a steady quarter with expense control and relative stability in the face of macro headwinds. Federated reported 2Q EPS of $0.41, in line with consensus and a penny ahead of our forecast. As expected, fee waivers worsened sequentially on lower rates (-$19.4m net impact vs. -$13m. in 1Q). However lower comp, advertising, occupancy, and amortization offset somewhat and provided upside vs. our estimates. Money market outflows were -$5.4bn. (2%of AUM), better than peers, and AUM declined 1.6% in the quarter to $349bn." Bank of America rated Federated Investors a BUY with a price target lowered from $29.00 to $28.00. Federated Investors closed Friday at $21.37.