UPDATE: Morgan Stanley Raises PT to $31 on Legg Mason; Capital Management Tailwind
Morgan Stanley raises its price target on Legg Mason (NYSE: LM) from $30 to $31 as it reaffirms a rating of Equal-weight on shares.
Morgan Stanley comments, "Capital management has become a tailwind again for LM instead of a question mark, with debt refi quickly accretive to EPS and $1B of new buyback authorization on tap. With that under its belt, we expect the focus to revert to flow trends again."
LM closed at $24.05 on Wednesday.
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