Federated Investors, Inc. FII reported 3Q10 EPS of $0.42, “ahead of our $0.40 estimate and the $0.38 consensus,” J.P. Morgan reports. Results were good due to strong cost controls.
“Despite the solid quarter we maintain our Underweight rating as we continue to see risks to the money market business given new regulations and limited capital at Federated,” J.P. Morgan writes. “We lower estimates slightly reflecting lower money fund assets, offset somewhat by lower expenses. Our price target falls to $23.00.”
Federated Investors closed at $24.91.
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