Franklin Resources price target raised to $24 from $20.50 at Wells Fargo

Wells Fargo raised the firm’s price target on Franklin Resources (BEN) to $24 from $20.50 and keeps an Equal Weight rating on the shares. Positive developments on the conference call significantly overshadowed Franklin Resources’ mixed Q1 results, the firm says. The ring-fencing of WAM’s financial impact to Franklin Resources and the announcement of a sizable expense save plan were big stand outs, Wells argues.