UPDATE: Sterne Agee Raises PT to $30 on Legg Mason on February Liquidity Inflows

Sterne Agee maintained Legg Mason LM with a Neutral rating and raised the price target from $28.00 to $30.00. Sterne Agee commented, "LM's February AUM increased 1.1% driven by sizable liquidity product inflows. Long-term flows appeared slightly positive with fixed income inflows more than offsetting equity outflows for the month. While we are raising our estimates and price target, we view the shares as fully valued at current levels and would look for a pull back in valuation or signs of sustainable fundamental improvement be getting more constructive." Legg Mason closed at $30.38 on Monday.