UPDATE: Citi Upgrades Legg Mason to Buy, Shares Move Lower
In a report issued Wednesday, Citi upgraded its rating of Legg Mason, Inc. (NYSE: LM) from Neutral to Buy with a target price of $56.
A team of analysts at Citi lead by William R. Katz sees Legg Mason as an “attractive play” with “robust capital return with deal optionality and inexpensive valuation.” He believes the company is benefiting from several different things, most notably including stabilizing to improving gross sales and easing in acute redemption pressures.
The news of this upgrade still hasn't done anything to drive up Legg Mason at this point in Wednesday's session as it is down 0.35% to $48.58 at last checked trade.
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