Citigroup Reiterates Neutral Rating, $25 PT on Legg Mason
In a report published Friday, Citigroup reiterated its Neutral rating and $25.00 price target on Legg Mason (NYSE: LM).
Citigroup noted, “At the margin, we view the news as mixed as we believe some accretion from the Fauchier Partners deal may be offset by changes to revenue share dynamics in which LM will help Permal invest to grow the business, particularly in the Asia Pac region. We maintain our current estimates and plan to review our model following deal terms announced during F3Q13 EPS.”
Legg Mason closed on Thursday at $25.08.
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