Three fund firms saw their stock upgraded by analysts on Monday.

JPMorgan Chase & Co. analyst Kenneth Worthington bumped up Federated Investors' stock from "neutral" to "overweight," calling the Pittsburgh company "the most defensive of the asset managers," the Associated Press reports.

Worthington sees the firm benefiting as investors turn to money market funds for refuge as they flee stocks.

"Given the significant deterioration in the equity markets, we see Federated's heavy earnings contributions from money funds and fixed income products as making Federated the most defensive of the asset managers," he said.

Also getting a lift Monday were Franklin, whose stock was upgraded by Keefe, Bruyette & Woods from "market perform" to "outperform" and T. Rowe, whose stock got the same treatment from both Keefe Bruyette and Wachovia. 

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