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UPDATE: Citigroup Lowers PT to $26 on Legg Mason on Uncertainty

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Citigroup reiterated its Neutral rating on Legg Mason (NYSE: LM) and lowered its price target from $28 to $26.

Citigroup said, "We believe there are too many uncertainties around strategic outlook, flows, margins and capital deployment to get involved in the stock. The most recent bull case reflects a possible break-up of the business, disposition of larger affiliates, and/or another deep round of expense cuts. Such hope seems false, with management essentially snuffing out those scenarios, we believe."

Legg Mason closed at $24.93 on Friday.

Latest Ratings for LM

DateFirmActionFromTo
Oct 2016Keefe Bruyette & WoodsMaintainsOutperform
Oct 2016JefferiesMaintainsBuy
Jul 2016CitigroupMaintainsBuy

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View the Latest Analyst Ratings

Posted-In: CitigroupAnalyst Color Price Target Intraday Update Analyst Ratings

 

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