Franklin Resources upgraded as outflows ease and assets under management rise 6.3% month-over-month to $7.11T in April.
Morgan Stanley upgraded Franklin Resources (BEN) to Equal Weight from Underweight and raised its price target to $31 from $21. The firm cited early signs of a turnaround, including easing Western outflows and nine straight quarters of inflows excluding Western.
Franklin Resources reported a 6.3% month-over-month increase in assets under management to $7.11T in April, driven by market appreciation. Year-over-year, AUM rose nearly 15%, based on data from nine U.S. asset managers disclosing monthly results.
The company operates globally under the Franklin Templeton brand, serving clients in over 150 countries. The upgrade reflects improving flow trends and a potential broader recovery in the asset management sector.