Legg Mason Opens 2.7 Percent Lower on Back of Goldman Downgrade

Legg Mason LM opened at $32.42 Wednesday, 2.7 percent lower than Tuesday's close of $33.34. The lower open may be riding on an earlier downgrade from Goldman Sachs from Neutral to Sell.

Goldman analysts cited slipping relative performance in fixed income and a less attractive product set as reasons for the downgrade.

LM has grown 32 percent YTD versus the group average of 27 percent.

Goldman sees a potential 13 percent downside from near-term results and longer term affiliate restructuring.