Jefferies & Company Positive on Legg Mason

Jefferies & Company commented on Legg Mason LM in a report released today. In the report, Jefferies & Company was positive in its assessment of the company. Jefferies writes, “Earlier this week we visited with the management team of Legg Mason. The overhang from the disclosure of incremental compensation costs last quarter still remains. However, fund flow trends are improving, share repurchases are accelerating, and the earnings power should improve throughout the year. That said, management is still in the process of rebuilding its credibility.” Jefferies currently has a Buy rating on Legg Mason and a target price of $40. Shares of LM closed the trading day at $33.84 yesterday, up from $33.46 at open.