Franklin Resources price target raised to $22 from $21 at Morgan Stanley

Morgan Stanley raised the firm’s price target on Franklin Resources (BEN) to $22 from $21 and keeps an Underweight rating on the shares. The firm is lowering its calendar Q4 adjusted EPS forecast by 14% on higher operating expenses, but raised its calendar 2026 adjusted EPS view by 6.3% and calendar 2027 forecast by 0.7% on better fees and better non-operating investment income.