Barclays Maintains an 'Overweight' on Franklin Resources (BEN); October AUM Implies Positive Flows

Barclays maintains an 'Overweight' on Franklin Resources (NYSE: BEN) price target of $135.00.

Barclays analyst says, "BEN posted October AUM of $694bn (vs. our $709bn December forecast). We calculate BEN witnessed inflows of $0.7bn during the month, driven by $0.7bn of global bond inflows, $0.4bn of equity inflows, and $0.1bn of domestic bond inflows, partially offset by $0.5bn of hybrid outflows (excluding $11bn in redemptions management has disclosed). In our assessment, monthly AUM levels imply better-than-expected flows, when compared to the time when the company released its earnings in late-October. Going forward, we expect monthly flows to pick up and to total $17bn for the December quarter, or $6bn including the $11bn redemption."

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 $109.06 yesterday.

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