UPDATE: Citi Upgrades Legg Mason to Buy

According to Citi, Legg Mason 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.