Franklin Resources price target raised to $19 from $18 at Morgan Stanley

Morgan Stanley raised the firm’s price target on Franklin Resources (BEN) to $19 from $18 and keeps an Underweight rating on the shares. For the asset manager group, the firm raised Q4 EPS estimates by 0.7% on average, driven by higher asset under management levels given better markets and flows. The firm notes its forecasts are 5% above Q4 consensus estimates, but thinks it is likely consensus “has yet to mark to market” for the quarter.