UPDATE: BMO Capital Markets Reiterates Market Perform Rating, Raises PT on Franklin Resources
BMO Capital Markets has reiterated its Market Perform rating on Franklin Resources Inc. (NYSE: BEN), and raised its price target from $122.00 to $125.00.
BMO Capital went on to say “Franklin reported June-ending AUM. Key takeaways include 1) total ending AUM were $706.9 billion (+3.4% m/m, -3.7% y/y); AUM finished the quarter above our previous quarter ending estimate of $685.1 billion owing to better-than-expected market performance in June (S&P 500 +4% m/m), and 2) we estimate total net new flows were modestly negative (-$0.5B) as $1.5B in estimated fixed income inflows were offset by outflows in the other asset classes.”
Franklin Resources closed yesterday at $109.65.
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Tags: BMO Capital Markets