BofA analyst Craig Siegenthaler lowered the firm’s price target on Franklin Resources (BEN) to $21 from $23 and keeps an Underperform rating on the shares. Looking ahead to 2026, the firm now favors the alternative asset managers to online brokers due to what it sees as a better valuation and positioning setup combined with a stronger macro backdrop, the analyst tells investors in a note on the brokers, asset managers and exchanges group.
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