UPDATE: BMO Capital Markets Downgrades Legg Mason to Underperform on Performance Lag

BMO Capital Markets downgraded Legg Mason

from Market Perform to Underperform and maintained a $26.00 price target. BMO Capital Markets commented, "We believe Legg Mason is not as well positioned to participate in a potential rotation to equities relative to peers given its high weighting of 78% of AUM in fixed income and liquidity mandates. While equity fund performance at Legg's affiliates has improved recently, just 47% of equity mutual fund AUM ranks in the top half of its Morningstar peer group for the trailing three years, and there is a lag between improved performance and when products get back on the radars of advisors and investors." Legg Mason closed at $26.53 on Monday.