UPDATE: BMO Capital Upgrades Franklin Resources (BEN) to Outperform
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BMO Capital analyst James Fotheringham upgraded Franklin Resources (NYSE: BEN) from Market Perform to Outperform with a price target of $36.00 (from $22.00).
The analyst comments "We upgrade BEN to Outperform from Market Perform because we believe its recent net flows improvement will prove sustainable (at modestly positive levels) and catalyze a multiple re-rating (following a steeper industry-wide positive relationship between flows and P/E). We raise our EPS estimates by up to 6% (from market appreciation and stronger flows) and raise our target price materially to $36 (from $22), now implying a +26% total return for BEN shares."
Shares of Franklin Resources closed at $29.12 yesterday.
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