FBR Capital Raises Estimates for Franklin Resources (BEN)

in Gold Gold Investing Gold Investment by admin — March 9, 2010 7:23 am | no comments

Investment manager Franklin Resources, Inc. ( BEN ) saw its earnings estimates boosted on Tuesday by analysts at FBR Capital Markets. The analyst raised its estimates for BEN through 2011, citing higher global bond asset flows. FBR Capital currently rates the stock as a “Market Perform” with a $118 price target. Franklin Resources shares, which had closed at $108.32 on Monday, fell 69 cents, or -0.6%, amid a broad market sell-off in premarket trading Tuesday. The Bottom Line We have avoided shares of BEN since our early June 2008 coverage began, when the stock was trading at $99.63. The company has a .81% dividend yield, based on last night’s closing stock price of $108.32. The stock has technical support in the $97-$103 price area. If the shares can firm up, we see overhead resistance around the $115 price level. We would remain on the sidelines for now. Franklin Resources, Inc. ( BEN ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars. Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .