UPDATE: BMO Capital Upgrades Franklin Resources (BEN) to Outperform

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."

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 $29.12 yesterday.

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