Citi Reiterates $46 PT on Legg Mason (LM)

Citi is out with its report today on Legg Mason

, reiterating its $46 PT on LM after a meeting with LM's new CFO, Peter Nachtwey. In a report sent to clients, Citi writes, "We affirm our non consensus Buy investment opinion, reiterate our calendar 2011 and 2012 operating EPS estimates of $2.67 and $3.21, and our $46 12-month price target following LM's sponsored 'meet and greet' with the sell side on 2/4 with the newly installed CFO, Mr. Peter Nachtwey. We see Mr. Nachtwey as a positive addition to management with minimal transition risk that should bolster LM's nascent turnaround, leveraging his comprehensive accounting, financial, and managerial background." Shares of LM closed Friday at $34.73, up 1.82% from Thursday's close.