Federated Hermes upgraded at TD Cowen following better than expected Q3

As previously reported, TD Cowen upgraded Federated Hermes (FHI) to Buy from Hold with a price target of $46, up from $35. Following the Q3 earnings report and call, the firm raised its FY24 and FY25 EPS forecasts to $3.92 and $4.26 from $3.61 and $3.96, respectively, as it now sees a path to a favorable long-term flow inflection, more durable money markets outlook and higher core operating leverage, along with proactive capital return, the analyst tells investors in a post-earnings note.