Jefferies Decreases PT On Legg Mason (LM)

In a recent report, Jefferies decreased the price target on Legg Mason LM from $42.00 to 40.00 although the recent quarter was slightly better than expected. In the report, Jefferies said, "While the quarter was slightly better than expected, management's guidance for higher compensation costs at Wamco was unexpected. Although still expanding, it will take longer for operating margins to hit the 30% previously stated goal by management." Legg Mason closed yesterday at $35.13.