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Fly News Breaks for January 4, 2016
BEN
Jan 4, 2016 | 06:08 EDT
Credit Suisse analyst Craig Siegenthaler downgraded Franklin Resources to Underperform and lowered his price target to $37 from $41 on shares. Siegenthaler believes shares are expensive based on "true" free cash flow generation when considering approximately 50% each quarter is kept overseas and may not be repatriated for more than five years. Additionally, the analyst said overall fund performance is weak and expects large net outflows and future margin pressure.
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