Market Overview

Legg Mason Opens 2.7 Percent Lower on Back of Goldman Downgrade

Related LM
Stocks Rebound From 2 Day Drop As The Fed Confirms The End Of QE Is Near
Legg Mason Restructures Debt to Fortify Capital Structure - Analyst Blog
Stifel to Buy Legg Mason's Investment Advisory Unit (Fox Business)
Related GS
Federal Reserve To End QE In October; Goldman Says Dynamics Supporting Bond Rally To Unwind
Credit Suisse Sees Mixed Q2 Results For Investment Banks, Trims View
Oil and Gas Firm Vantage Energy Files for $400M IPO (Fox Business)

Legg Mason (NYSE: 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.

Posted-In: Analyst Color News Downgrades


Most Popular

Related Articles (GS + LM)

Around the Web, We're Loving...

Partner Network

Get Benzinga's News Delivered Free