Franklin Resources price target lowered to $18.50 from $20 at TD Cowen

TD Cowen lowered the firm’s price target on Franklin Resources (BEN) to $18.50 from $20 and keeps a Hold rating on the shares. The firm said while the non-WAMCO story and unveiled 5-year plan are encouraging, the outlook for WAMCO nonetheless remains acutely problematic; the regulatory investigation seems to be widening.