Wells Fargo Cuts Valuation Range on Franklin Resources (BEN) as AUM Fall 2.6% From October

Wells Fargo is maintaining its Market Perform rating on shares of Franklin Resources (NYSE: BEN), but is reducing its price valuation range from $114-$123 to $107-$114.

The company reported a 2.6 percent reduction in assets under management month over month for the month of November. BEN had $675.9 billion in assets at November 30, 2011.

The firm was surprised when management declared its $2.00 special dividend and believes the market will not act drastically on the information. The 8 percent increase in the company's normal dividend was $0.01 per share below what the firm was predicting.

An analyst at Wells Fargo comments, "We believe BEN is attractively positioned with a strong management team and solid long-term track record of solid investment performance. We are particularly impressed with the consistent flow trends delivered by BEN's international/fixed income segments. Considering the relative outperformance of BEN shares, we believe that the market has recognized these positives."

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 $96.48 yesterday.

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