Franklin Resources (NYSE:BEN) to Expand Equities Position

With bonds under pressure lately, Franklin Resources (NYSE:BEN) has put themselves into a position of being ready to migrate into equities in a bigger way.

FBR said, "We continue to view Franklin as one of the better-positioned asset managers in an uncertain environment given its strong balance sheet, international distribution, and solid fixed-income platform. Strong organic client asset growth should continue, primarily driven by international equity and fixed-income products, and the company's robust cash position provides management with flexibility to pursue accretive M&A transactions, buybacks, and/or dividends."

FBR Capital reiterates an 'Outperform' on Franklin Resources, which was trading at $116.39, down $2.53, or 2.12 percent, as of 12:20 PM EST. FBR has a price target of $130 on the company.