Barclays Maintains an 'Overweight' on Franklin Resources (BEN); AUM Reflects Challenges in September

Barclays maintains an 'Overweight' on Franklin Resources (NYSE: BEN) price target of $158.00.

Barclays analyst says, "BEN posted September AUM of $660bn (vs. our prior forecast of $687bn). We attribute the shortfall against our forecast to weaker inflows (including global bond flows having turned slightly negative in September), as well as lower global AUM across equities and bonds due to foreign exchange. For the month, we calculate total outflows of roughly -$3.5bn were comprised of -$2.4bn from equities and -$1.1bn from bonds. In our assessment, AUM results reflected headwinds across BEN's global franchise where the month of September was particularly challenging. For the September quarter (fy4Q11), we are trimming our EPS estimate to $1.86 from $1.90 given lower-than-expected AUM levels for the month."

For more ratings news on Franklin Resources click here and for the rating history of Franklin Resources click here.

Shares of Franklin Resources closed at $99.77 yesterday.

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