UPDATE: Jefferies & Company Downgrades Legg Mason to Hold, Reiterates $30 PT

In a report published Monday, Jefferies & Company downgraded its rating on Legg Mason

from Buy to Hold, and reiterated its $30.00 price target. Jefferies noted, “We are lowering our rating on LM from Buy to Hold as the turnaround story is likely to take a pause, in our view. Although a new CEO and potentially more input from activist investors could be a positive, we believe this will take some time to play out and potential options are limited. Despite the attractive valuation, we foresee few short-term catalysts.” Legg Mason closed on Friday at $26.95.