UPDATE: Jefferies Reiterates Buy on Legg Mason; Lowers PT from $33 to $30

Jefferies maintained a Buy rating on Legg Mason

and lowered its price target from $33 to $30. Jefferies wrote, “Fixed income flows trends improved for a 3rd consecutive quarter and the pipeline of new business has grown both at Western and across a number of the affiliates. We continue to believe there is value to be unlocked following the recent streamlining, capital restructuring, and depressed margin levels.” Legg Mason closed at $24.86 on Friday.