UPDATE: Stifel Nicolaus Cuts PT on Franklin Resources to $120, Maintains Buy

Stifel Nicolaus reiterates its Buy rating on Franklin Resources

and lowers its price target to $120 from $140 on lower asset values and flows. Stifel Nicolaus says, "In an investor call on Thursday, the fund manager reaffirmed his position of over-weighting countries with better economic growth and low debt. Relative to the global bond index, the fund has above-average exposure to Asian/emerging market currencies/bonds and a much lower duration. We continue to have a Buy rating on the shares. We are belatedly (last week's AUM release) reducing estimates for FY12 and establishing a FY13 estimate, and have also reduced our price target to reflect lower asset values and flows." BEN closed at $101.32 yesterday.