Franklin Resources (BEN) Falls 5%

Shares of Franklin Resources, Inc (NYSE: BEN)closed Monday trading down 5.24% at $97.35 per share.

Volume of 2.3 million shares was 1.72 times higher than the daily average volume of 1.4 million shares.

The day's trading range for shares of Franklin Resources, Inc was between $97.24 and $101.46 per share.

Goldman Sachs Group analysts Richard Ramsden, Brian Foran, Daniel Harris and Jessica Binder Graham removed Franklin Resources, Inc from their Conviction Buy List and lowered the price target to $120 per share, down from the previous price target of $136.

The analysts said that the strong retail bias of Franklin Resources, Inc was a near-term risk.