UPDATE: J.P. Morgan Raises PT on Franklin Resources to $135 (BEN)

J.P. Morgan is out with its report today on Franklin Resources (NYSE: BEN), raising its PT from $134 to $135.

In a note to clients, J.P. Morgan writes, "We now consider EPS growth a core competency for Franklin, and we raise estimates accordingly. Global markets have been strong so far this quarter, and FX movements are working in Franklin's favor. Here we see what may be a smooth transition between fixed income to equities for Franklin. Our C2011 estimate rises from $8.81 to $8.97, and our C2012 estimate rises from $9.67 to $9.74. Our December 2011 price target also rises to $135.00."

J.P. Morgan maintains Neutral on BEN.

Shares of BEN closed Thursday at $127.33.