UPDATE: Citigroup Lowers PT to $26 on Legg Mason on Uncertainty

Citigroup reiterated its Neutral rating on Legg Mason LM and lowered its price target from $28 to $26. Citigroup said, "We believe there are too many uncertainties around strategic outlook, flows, margins and capital deployment to get involved in the stock. The most recent bull case reflects a possible break-up of the business, disposition of larger affiliates, and/or another deep round of expense cuts. Such hope seems false, with management essentially snuffing out those scenarios, we believe." Legg Mason closed at $24.93 on Friday.