Analysts cut Franklin earnings outlook after assets drop

NEW YORK (MarketWatch) -- Franklin Resources Inc. saw analysts cut its outlook on Thursday, following a 10% month-on-month drop in assets under management. Credit Suisse reduced its 2008 estimates to $6.76 a share from $6.80 a share, and 2009 estimates to $5.15 a share from $6.42 a share. It also lowered Franklin's target price to $78 a share from $97 a share. Friedman Billings Ramsey lowered its 2008 estimates for Franklin to $6.84 a share from $6.88 a share, and 2009 estimates to $5.05 a share from $6.49 a share. FBR also cut Franklin's... [read full story]