To reflect AuM being down 8%, Goldman Sachs has lowered the price targets on Franklin Resources BEN, from $115 to $109, and on Legg Mason LM, from $25 to $24.
In the report, Goldman Sachs writes, "Several asset managers reported Sept AUM with average mom declines of 8%, reflecting equity outflows and weak market performance. Adverse FX movements were also a recurring theme driving lower AUM. We revise estimates and price targets for firms that reported."
Yesterday BEN closed at $97.43 and LM closed at $26.88.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
date | ticker | name | Price Target | Upside/Downside | Recommendation | Firm |
---|
Posted In:
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in