Franklin Resources price target lowered to $21 from $24 at BofA

BofA lowered the firm’s price target on Franklin Resources (BEN) to $21 from $24 and keeps an Underperform rating on the shares. Despite expectations for better returns and year-over-year flow improvement in 2023, the firm’s opinions are mixed on traditional asset managers as the firm expect the rotation from active to passive and large rebalancings into fixed income to mainly benefit AllianceBernstein (AB), BlackRock (BLK) and several private companies, including Vanguard, the analyst tells investors in a traditional asset managers Q3 preview note.