UPDATE: Morgan Stanley Reiterates Equal-Weight Rating, Removes PT on Franklin Resources as Global Fixed Income Drives January Outflows

In a report published Tuesday, Morgan Stanley analyst Matthew Kelley reiterated an Equal-Weight rating on

, but removed the $65.00 price target. In the report, Morgan Stanley noted, “We estimate roughly -$3B of net long-term outflows for BEN in January, trending well below our full quarter estimate of $7B inflows. Fixed income outflows more than offset equity and hybrid inflows, with third-party data pointing to sizable monthly outflows from the internationally-domiciled sleeve of Templeton Global Bond.” Franklin Resources closed on Monday at $52.85.