BMO Capital analyst Etienne Ricard lowered the firm’s price target on Franklin Resources to $26 from $27 and keeps a Market Perform rating on the shares after its Q3 results. The company has yet to experience a sustained return to positive net flows, and when layering in mix-related fee rate compression and a gradual margin improvement, earnings growth could prove more muted than previously expected, the analyst tells investors in a research note.
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