Franklin Resources initiated with an Underweight at Barclays

Barclays analyst Benjamin Budish initiated coverage of Franklin Resources with an Underweight rating and $20 price target. Relative to the rest of its coverage, the firm sees the traditional asset managers “facing the most meaningful industry-wide headwinds. The analyst sees Franklin Templeton’s financial profile as “being somewhat mixed,” with ongoing pressure in active equities and fixed income potentially somewhat alleviated by the recent Putnam acquisition. Barclays continues to wait for an inflection in the alternatives business.