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UPDATE: Citi Upgrades Legg Mason to Buy, Shares Move Lower

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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.

Latest Ratings for LM

DateFirmActionFromTo
Dec 2014CitigroupMaintainsBuy
Dec 2014Keefe Bruyette & WoodsMaintainsMarket Perform
Dec 2014BarclaysInitiates Coverage onEqual-weight

View More Analyst Ratings for LM
View the Latest Analyst Ratings

Posted-In: Analyst Color News Upgrades Price Target Analyst Ratings

 

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