Franklin Resources price target raised to $20 from $18 at Evercore ISI

Evercore ISI raised the firm’s price target on Franklin Resources (BEN) to $20 from $18 and keeps an Underperform rating on the shares. On Franklin’s fiscal Q1 earnings conference call, management updated its operating expense outlook and gave its initial read for January 2025 asset flows, the analyst noted. The company reiterated flat year-over-year expenses in FY25 and said FY26 should see a $200M-$250M reduction in expenses or about 4.5% of the FY24 adjusted expense base, the analyst tells investors.