UPDATE: UBS Upgrades Franklin Resources (BEN) to Neutral

(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."

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 $38.49 yesterday.

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• First Cash Financial (FCFS) PT Lowered to $140 at TD Cowen
• TechnipFMC (FTI) PT Raised to $30 at BTIG
• Acrivon Therapeutics Inc (ACRV) PT Lowered to $22 at Jones Trading