Franklin Resources price target lowered to $18 from $19 at BofA

BofA lowered the firm’s price target on Franklin Resources (BEN) to $18 from $19 and keeps an Underperform rating on the shares. Over the last two weeks, five traditional asset managers reported monthly assets under management and, on average, December net flows declined month-over-month with one of the five generating positive flows for the month while four others reported net outflows, the analyst tells investors. However, the firm expects a reversal in seasonality to benefit flows in January, the analyst added in a monthly recap note for the asset manager group.