UPDATE: Citi Upgrades Legg Mason to Buy

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According to Citi, Legg Mason (NYSE: LM) is upgraded to Buy.Citi said that the announcement comes following mixed C1Q post call update. “Cognizant of the strong outperformance on 5/16 (up 7.5% vs. median 50 bps decline for Traditionals), we nonetheless see further follow through as investors digest the implications and accretion related to the news.”Legg Mason closed yesterday at $24.05.

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