Franklin Resources price target raised to $22 from $19 at BofA

BofA raised the firm’s price target on Franklin Resources (BEN) to $22 from $19 and keeps an Underperform rating on the shares. Global equity benchmarks rose 6%-13% in Q3, bond markets returned 1%-3% and foreign exchange markets versus the U.S. dollar moved modestly lower, which drove the firm’s Q3 and future EPS estimates higher for the traditional asset managers. The firm is increasing price targets for all traditional asset managers under its coverage, the analyst tells investors in a preview for the group.