Franklin Resources price target lowered to $25.50 from $29 at TD Cowen

TD Cowen lowered the firm’s price target on Franklin Resources to $25.50 from $29 and keeps a Hold rating on the shares. The firm updated its model following Q2 results and noted the stock fell post results likely due to a combination of yet another Traditional manager not delivering upside surprise despite booming 1Q markets, and financial guidance that telescopes into a likely further reset of ebullient consensus.