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.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on BEN:
- Franklin Resources Reports Fourth Quarter Earnings and Strategic Growth
- Nvidia to replace Intel on DJIA, Berkshire reports Q3 results: Morning Buzz
- Franklin Resources CEO says CFTC probing Western Asset trades
- Franklin Resources says taking investigations ‘extremely seriously’
- Franklin Resources Reports Q4 Loss Amid AUM Growth