Franklin Resources reports Q3 EPS 92c, consensus 95c Reports Q3 revenue $2.13B, consensus $2.17B. Total assets under management were $920.5B at June 30, up 4% during the quarter primarily due to $31.9B of market appreciation. AUM increased $105.5B or 13% year over year primarily due to $116.9B of market appreciation, partially offset by $7.2B of net new outflows.
Franklin Resources downgraded at Bernstein As noted earlier, Bernstein downgraded Franklin Resources to Market Perform from Outperform. As reasons for the downgrade, the firm cited slowing fundamental momentum and lack of visibility and catalysts. Target to $60 from $65.