UPDATE: Jefferies Raises PT on Legg Mason Following Management Team Meetings

In a report published Wednesday, Jefferies analyst Daniel T. Fannon reiterated a Hold rating on Legg Mason (NYSE: LM), and raised the price target from $30.00 to $36.00.

In the report, Jefferies noted, “Last week we spent several days with the mgmt. team of Legg Mason. Flow trends appear poised for short-term improvement given positive momentum at ClearBridge, Western and Brandywine. Additional margin expansion appears limited in the near term; however, the cash flow profile remains solid and will continue to support an active buyback program.”

Legg Mason closed on Tuesday at $35.91.