Finian O’Shea, an analyst from Wells Fargo, maintained the Hold rating on Franklin Resources (BEN – Research Report). The associated price target is $30.00.
Geoff Meacham has given his Hold rating due to a combination of factors concerning Franklin Resources’ recent performance and future outlook. Despite the acquisition of Putnam contributing significantly to an increase in assets under management (AUM), there were only slight net inflows, with the company experiencing minor outflows that are nevertheless an improvement from the previous quarter. The modest growth in AUM and the minor net outflows present a picture of stability but not significant growth, contributing to the Hold rating.
Additionally, the report suggests optimism for improved inflows in the future, with expectations of positive developments from the recent Putnam acquisition and planned funding from Great-West. Franklin Resources also has a diverse range of fixed-income offerings and a high demand for alternative investments, which may bode well for future growth. However, the current underperformance in the U.S. mutual funds sector compared to the industry average tempers this optimism and supports the decision to maintain a Hold rating at this time.
In another report released on January 30, Deutsche Bank also maintained a Hold rating on the stock with a $28.00 price target.
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Franklin Resources (BEN) Company Description:
Franklin Resources, Inc. is a holding company, which engages in the provision of investment management and related services. It offers its products and services under the brands of Franklin, Templeton, Franklin Mutual Series, Franklin Bissett, Fiduciary Trust, Darby, Balanced Equity Management, K2, LibertyShares, and Edinburgh Partners. The company was founded by Rupert H. Johnson, Sr. in 1947 and is headquartered in San Mateo, CA.
Read More on BEN:
- Franklin Resources Awards CFO Nicholls for Key Acquisition Role
- Franklin Resources Shareholders Approve Key Proposals
- Franklin Resources Announces Executive Changes and Stock Plan Expansion
- Franklin Resources price target lowered to $28 from $30 at Deutsche Bank
- Franklin Resources price target raised to $30 from $27 at BMO Capital
