Nomura Securities Raises Numbers on Franklin Resources (BEN); Q1 Review
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Price: $33.86 --0%
Rating Summary:
5 Buy, 16 Hold, 3 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
5 Buy, 16 Hold, 3 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Nomura Securities maintains a 'Neutral' on Franklin Resources (NYSE: BEN) price target raised from $105 to $118.
Analyst, Glenn Schorr, said, "BEN reported F1Q12 EPS of $2.20 vs. Our/Street $2.01/$2.09. BEN beat our estimate with good expense control and higher non-operating income. AUM and mgmt fees were a little lower than expected due to a fall-off in gross sales/net outflows. Global bond outflows of $4B were less than some had expected, which contributed to the 5+% lift in the stock. The industry has some challenges, but BEN is in pretty good shape with Global Bond settling down in January, stock not expensive, strong cash flows and big payout, and asset managers should play out well with prolonged low rates. We don’t see much upside since we don’t expect big gains to recur and expenses will likely turn higher over the next few quarters. Our F12E EPS goes from $8.53 to $8.87 F13E from $9.07 to $9.66. Our new PT of $118 is based on 12x 2013E. We like BEN’s operations but are keeping our stock rating at Neutral."
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 $111.97 yesterday.
Analyst, Glenn Schorr, said, "BEN reported F1Q12 EPS of $2.20 vs. Our/Street $2.01/$2.09. BEN beat our estimate with good expense control and higher non-operating income. AUM and mgmt fees were a little lower than expected due to a fall-off in gross sales/net outflows. Global bond outflows of $4B were less than some had expected, which contributed to the 5+% lift in the stock. The industry has some challenges, but BEN is in pretty good shape with Global Bond settling down in January, stock not expensive, strong cash flows and big payout, and asset managers should play out well with prolonged low rates. We don’t see much upside since we don’t expect big gains to recur and expenses will likely turn higher over the next few quarters. Our F12E EPS goes from $8.53 to $8.87 F13E from $9.07 to $9.66. Our new PT of $118 is based on 12x 2013E. We like BEN’s operations but are keeping our stock rating at Neutral."
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 $111.97 yesterday.
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