Federated Hermes price target lowered to $34 from $36 at TD Cowen

TD Cowen analyst Bill Katz lowered the firm’s price target on Federated Hermes to $34 from $36 and keeps a Hold rating on the shares. Heading into the Q2 reports, the firm curbed targets moderately for the alternative asset managers. For the traditional asset managers, TD generally raised its outlook, mostly due to above trend equities returns in Q2 and related model gearing.