UPDATE: Credit Suisse Cuts Taret on Franklin Resources to $120

Credit Suisse maintains its Neutral rating on Franklin Resources

and cuts its target to $126, down $6, as it lowers estimates on the belief that net flows have reached a trough. Credit Suisse comments, "Net flows (including distributions) were -$17.6B, which modestly beat our estimate of -$19.2B, and was negatively impacted by an $11.1B hybrid mandate redemption (low fee). Reducing F2012 and F2013 EPS: We reduced our FY 2012 / 2013 EPS estimates to $8.55 / $9.40 from $8.79 / $10.22 due to a lower net flow / AuM growth forecast in 2012 and 2013. Our TP declines to $120 (from $126) which is 12x our 2013 CY forecast." BEN closed at $111.97 a share yesterday.