Franklin Resources (NYSE:BEN) reported its Q1 results, with EPS of $0.51 coming in worse than the Street estimate of $0.54. Revenue was $1.97 billion, beating the Street estimate of $1.47 billion.

Analysts at Deutsche Bank view the results as being relatively mixed overall. Positively, the company continues to make its alternatives platform a key priority given the increasing demand for a widening range of alternative products, along with favorable economics; however, this alone is not a catalyst for the shares.

The analysts continue to see weakness in equity and fixed income flows and expect pressure to continue through H1/23. The analyst raised their price target to $29 from $27 while maintaining their Hold rating.