JP Morgan Maintains Neutral Rating on Franklin Resources, Raises PT to $22

JP Morgan Maintains Neutral Rating on Franklin Resources, Raises PT to $22

JP Morgan has maintained a neutral rating on Franklin Resources Inc. (NYSE:BEN) but has raised its price target to $22, according to a recent report [3]. The upgrade comes amid a positive trend for the investment management company, which has seen its stock reach a 52-week high of $24.98 [3]. The company has also experienced a 34% gain over the past six months and has maintained consistent dividend payments for 45 consecutive years, demonstrating resilience and growth potential [3].

The upgrade follows a series of notable developments for Franklin Resources. Goldman Sachs (NYSE:GS) recently upgraded the stock from Neutral to Buy, citing improved traction in alternative investments and a reduction in outflows from traditional products [3]. TD Cowen also raised its price target to $28, maintaining a Buy rating due to "building momentum in the long-term flow inflection" [3].

In addition to these positive developments, Franklin Resources has been involved in a minor merger and acquisition deal in Europe, although specific details of the transaction have not been disclosed [3]. The company's recent assets under management report exceeded expectations, with stronger core flows and reduced run-off related to Western Asset Management Company [3]. Furthermore, Franklin Templeton, a part of Franklin Resources, announced plans to liquidate its Franklin FTSE Hong Kong ETF, with the liquidation process set to complete in July 2025 [3]. Lastly, the company updated its bylaws to include a Delaware forum selection clause [3].

The upgrade by JP Morgan reflects the company's strong performance and growth prospects, although the brokerage acknowledges the risks associated with trading in financial instruments and cryptocurrencies [3]. Investors are advised to carefully consider their investment objectives, level of experience, and risk appetite before making any investment decisions [3].

References:

[1] https://economictimes.indiatimes.com/markets/stocks/news/vedanta-vs-viceroy-jp-morgan-says-dont-get-distracted-remain-long/articleshow/122362716.cms
[2] https://za.investing.com/news/stock-market-news/jp-morgan-upgrades-bloom-energy-on-restored-fuel-cell-tax-credit-3783695
[3] https://uk.investing.com/news/company-news/franklin-resources-stock-hits-52week-high-at-2498-usd-93CH-4164312