Goldman Sachs Lower Price Targets on Franklin Resources and Legg Mason

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.