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: Analyst ColorPrice TargetAnalyst RatingsAsset Management & Custody BanksFinancialsGoldman Sachs
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