Citi Revises Estimates on Franklin Resources (BEN)

Citi published its report on Franklin Resources BENupdating its EPS estimates. In a note to clients, Citi writes, "We lower our F2011-13 estimates to $8.12/$9.38/$10.77 from $8.36/$9.71/$11.03 reflecting lower NAVs + FX. F1Q11 (Dec) EPS is reduced $0.04 to $1.93 on lower flow assumptions (munis -, global equities +). Revised C11-12 EPS are $8.54 and $9.73 vs. $8.79 and $10.00 prior." Citi maintains its Buy rating and $150 price target on BEN. BEN is trading at $117.96.