Analysts at investment bank Keefe, Bruyette & Woods have upgraded earnings estimates for some of the largest asset managers in the US in response to a sharp rise in share prices across the funds industry that has left some stocks trading at “bull market valuations”.

In a report released today, analysts Robert Lee and Larry Hedden upgraded future earnings estimates and share price targets for US-listed asset managers including Federated Investors, Janus Capital and T Rowe Price.