UPDATE: Jefferies Raises PT on Franklin Resources to $130 (BEN)

Jefferies is out with its report today on Franklin Resources (NYSE: BEN), raising its PT from $125 to $130.

In a note to clients, Jefferies writes, "Our $130 price target, is based upon a 14.5x multiple of our CY2011 estimate. BEN is currently trading at 14.3x our CY2011 estimates, essentially in line with peer group averages."

Jefferies maintains Hold on BEN.

Shares of BEN closed Thursday at $127.33, up 1.16% from Wednesday's close.