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

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In a report published Monday, Jefferies & Company downgraded its rating on Legg Mason (NYSE: LM) 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.

Latest Ratings for LM

DateFirmActionFromTo
May 2015BarclaysMaintainsEqual-weight
Apr 2015BarclaysMaintainsEqual-weight
Apr 2015Keefe Bruyette & WoodsMaintainsOutperform

View More Analyst Ratings for LM
View the Latest Analyst Ratings

Posted-In: Jefferies & CompanyAnalyst Color Downgrades Analyst Ratings

 

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