May 28, 2009 / 12:13 PM / 10 years ago

UPDATE 1-Wachovia initiates Franklin Resources with outperform

May 28 (Reuters) - Wachovia Capital Markets began coverage of Franklin Resources Inc (BEN.N) with an “outperform” rating, saying its shares were among the most attractively priced in the asset manager sector.

Eaton Vance Corp (EV.N) was, however, initiated with a “market perform” rating as the company’s shares had rallied sharply in recent months.

Wachovia said it would wait for a pullback in Eaton’s shares before getting more aggressive on the stock.

On Franklin, the brokerage said the company was set to benefit from a cyclical recovery in the market and that it had considerable financial flexibility to issue debt for share buybacks or for acquisitions.

Wachovia also resumed coverage on T Rowe Price Group Inc (TROW.O) and Invesco Ltd (IVZ.N) with “market perform” ratings. (Reporting by Santosh Nadgir in Bangalore; Editing by Anil D’Silva)

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