Franklin Resources Stays Afloat With Fixed Income

Jefferies & Co. has published a research report on Franklin Resources BEN as reports of fixed income continue to carry the weight on the company. In the report, Jefferies writes "We estimate the primary beneficiary of net inflows was once again the fixed income segment, capturing approx. $4B of inflows. This represents a modest slowdown vs the 3Q monthly average of approx. $4.7B. With respect to equity and hybrid funds, we estimate net flows were mildly positive for hybrid funds (~$300M) but negative for equity funds (~$1B outflow). These results are generally in line with industry flow trends, although the international equity complex appears to be lagging overall industry trends." Jefferies maintains its Hold rating and $110 price target. Franklin Resources closed yesterday at $121.92.