Franklin Resources upgraded to Neutral from Sell at Goldman Sachs

Goldman Sachs upgraded Franklin Resources (BEN) to Neutral from Sell with a price target of $22, up from $21. The company has experienced “significant organic decay” over the years, leading to earnings downside, multiple compression and meaningful share price underperformance, the analyst tells investors in a research note. Goldman expects Franklin’s outflows to persist, but thinks the pace of deterioration is likely to subside as we progress through 2025. The stock’s valuation leaves limited room for downside, the firm contends.