BMO Capital raised the firm’s price target on Franklin Resources to $30 from $27 and keeps a Market Perform rating on the shares. The analyst contends that the company’s earnings growth outlook heading into 2024 appears incrementally more constructive with net flows stabilizing across most asset classes, the realization of Putnam-related synergies and more opportunistic share repurchases. BMO adds however that Franklin’s significant exposure to active public markets is expected to weigh on its net flows.
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