UPDATE: J.P. Morgan Raises PT on Franklin Resources to $134 (BEN)

J.P. Morgan is out with its report today on Franklin Resources (NYSE: BEN), raising its PT from $133 to $134.

In a note to clients, J.P. Morgan writes, "Franklin Resources released its month-end AUM for March 2011, and the numbers were good. AUM increased 1.4%, from $693.7 bn in February 2011 to $703.5 bn in March 2011. Franklin's total AUM has now increased by 4.9% in 1Q11, a strong result given an asset mix that is far more heavily weighted to fixed income than its peers'. With AUM slightly higher than estimates, we raise our F2011 and F2012 EPS estimates to $8.82 and $9.44 respectively. We maintain our Neutral rating and increase our 12/11 price target by $1 to $134 per share."

Shares of BEN closed Monday at $124, down 0.48% from Friday's close.