UPDATE: UBS Upgrades Franklin Resources (BEN) to Neutral
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(Updated - November 10, 2016 9:50 AM EST)
UBS upgraded Franklin Resources (NYSE: BEN) from Sell to Neutral with a price target of $38.00 (from $28.00).
Analsyt Brennan Hawken said, "We believe the recent US election results benefit BEN as both a repatriation story and the likely softening of the DOL rule (more below). Specifically, BEN has nearly $6 billion in cash overseas (generated from foreign earnings), which we estimate could translate into a 22% yield as a special dividend or 29% accretion to EPS if returned via buybacks. We still see a weaker fundamental outlook for BEN given significant underperformance of their investment products, but in the near-term expect BEN shares are at less risk of underperformance. Importantly, if EM markets remain under pressure due to a more hostile approach to global trade, we expect many of BEN's large investment strategies will continue to face performance headwinds."
Shares of Franklin Resources closed at $38.49 yesterday.
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