JPMorgan Downgrades Franklin Resources (BEN) to Underweight

JPMorgan analyst Kenneth Worthington downgraded Franklin Resources (NYSE: BEN) from Neutral to Underweight with a price target of $29.00 (from $32.00).

The analyst is negative on NT risks from emerging markets. He continues to have a negative view on asset management sector as trends skew to lower fees and passive investing which still pressures earnings and valuations. The analyst also suspects that continued outflows will create further potential for underperformance.

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 $31.42 yesterday.

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