Citi Maintains Buy Rating and $34 PT on Legg Mason

A report from Citi reiterates its Buy rating and $34 price target on Legg Mason LM. The report states, “Another mixed trend quarter – F2Q12 (C3Q) “Adjusted” EPS = $0.68 vs. our $0.77; 50% of miss = higher non-operating losses; rest combo of lower fee rate and lower performance fees. Huge buyback + favorable F3Q (C4Q) guidance should temper the EPS disappointment, we believe." LM closed yesterday at $26.98.