Morgan Stanley analyst Michael Cyprys raised the firm’s price target on Franklin Resources to $24 from $22 and keeps an Underweight rating on the shares. In a Q4 preview for the Asset Managers, the firm said it expects better Q4 earnings given the market rally into year-end boosting fund net asset values, or NAVs. Higher asset under management levels support an improved 2024-25 outlook and the firm also sees scope for a better flow outlook in 2024 as it anticipates a gradual risk re-engagement, the analyst added in the group preview.
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