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Fly News Breaks for September 6, 2018
BEN
Sep 6, 2018 | 07:00 EDT
JPMorgan analyst Kenneth Worthington downgraded Franklin Resources to Underweight from Neutral and lowered his price target for the shares to $29 from $32. The analyst believes the more recent weakness in emerging markets, and in particular in emerging market debt, will weigh on both Franklin's organic growth and earnings potential. He thinks challenges in emerging markets put additional pressure on "an already challenging growth story characterized by weak fund performance, significant outflows, and declining margins." Worthington continues to have a negative view on the asset management sector.
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