UPDATE: Jefferies Raises PT on Legg Mason on 1Q13 Preview

In a report published Friday, Jefferies analyst Daniel T. Fannon reiterated a Hold rating on Legg Mason

, and raised the price target from $27.00 to $30.00. In the report, Fannon noted, “Both the traditional and alternative asset managers will begin reporting 1Q13 earnings the week of April 15th, with BLK kicking it off. Our estimates are moving modestly higher, mostly due to domestic equity market gains, as well as improving fee rates and generally higher flow assumptions. We believe AMG and IVZ are poised for strong flows and positive earnings revisions.” Legg Mason closed on Thursday at $30.79.