Piper Jaffray Starts Franklin Resources (BEN) at Neutral

Piper Jaffray initiates coverage on Franklin Resources (NYSE: BEN) with a Neutral rating and a price target of $59.00.

Analyst Jason Weyeneth commented, "We are initiating coverage of BEN with a Neutral rating and $59 price target. While we believe BEN has an enviable global retail franchise and a very attractive absolute and relative valuation, we struggle to identify near-term catalysts to drive a revaluation of the shares. Concerns around the impact of rising global interest rates on the investment performance and investor demand for the firm's global bond strategies as well as an inability to unlock excess capital trapped abroad will likely result in the shares trading in line with the peer group, in our view."

For an analyst ratings summary and ratings history on Franklin Resources click here. For more ratings news on Franklin Resources click here.

Shares of Franklin Resources closed at $50.80 yesterday.

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