** Shares of investment manager Federated Hermes rise as much as 4.5%, last down 3.4% at $39.94
** TD Cowen upgrades FHI to "buy" from "hold"; raises PT to $46 from $35, a 19% upside to stock's last close
** Brokerage now sees a path to favorable long-term flows inflection at FHI as interest rates decline
** Adds that it expects FHI to be a major money markets beneficiary
** Analysts feel the start of the rate normalization cycle in the U.S. is providing a clear tailwind to money market funds as institutions look to lock in investments with a higher return for a longer duration in a falling rate environment
** Four of eight brokerages rate the stock "buy", and four "hold"; median PT is $41 - LSEG
** As of last close, FHI shares were up 17.6% YTD
(Reporting by Arasu Kannagi Basil in Bengaluru)
((ArasuKannagi.Basil@thomsonreuters.com;))
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