UPDATE - Nomura Securities Downgraded Franklin Resources (BEN) to Neutral; Expected Outflows and Earnings Pressure
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Price: $33.97 --0%
Rating Summary:
5 Buy, 16 Hold, 3 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 7 | Down: 5 | New: 25
Rating Summary:
5 Buy, 16 Hold, 3 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 7 | Down: 5 | New: 25
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UPDATE - Nomura Securities downgraded Franklin Resources (NYSE: BEN) from Buy to Neutral. PT slashes from $141 to $110.
Nomura analyst, Glenn Schorr, said, "Downgrading to Neutral, on expected outflows and earnings pressure, PT from $141 to $110. Franklin has been a top performer among the asset managers with its shares down 10% so far this year compared to 19% for the group average. This outperformance was driven by Franklin’s above-average organic growth, mostly a result of its $58bn Global Bond Fund (TPINX).The Global Bond Fund performance has taken a turn for the worse and shares of BEN have declined 27% since 7/7/11. While the fund’s performance has stabilized of late (+2% since bottom), we think headline risk and FX volatility related to the EU sovereign debt crisis could lead to further headwinds. Our 2011E EPS goes from $8.86 to $8.80, 2012E from $9.15 to $8.25, and 2013E from $9.99 to $9.03."
To see more ratings changes on BEN, Click Here
Nomura analyst, Glenn Schorr, said, "Downgrading to Neutral, on expected outflows and earnings pressure, PT from $141 to $110. Franklin has been a top performer among the asset managers with its shares down 10% so far this year compared to 19% for the group average. This outperformance was driven by Franklin’s above-average organic growth, mostly a result of its $58bn Global Bond Fund (TPINX).The Global Bond Fund performance has taken a turn for the worse and shares of BEN have declined 27% since 7/7/11. While the fund’s performance has stabilized of late (+2% since bottom), we think headline risk and FX volatility related to the EU sovereign debt crisis could lead to further headwinds. Our 2011E EPS goes from $8.86 to $8.80, 2012E from $9.15 to $8.25, and 2013E from $9.99 to $9.03."
To see more ratings changes on BEN, Click Here
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