Jefferies Maintains Buy Rating and $31 PT on Legg Mason

A report from Jefferies reiterates its Buy rating and $31 price target on Legg Mason LM. The report states, “LM reported EPS of $0.39, $0.02 above our estimate and $0.01 above consensus.Revenues were slightly better than expected, offset by reduced compensation expense. With several moving parts in the quarter, importantly operating income was approx. $13M above our estimate. Flow trends deteriorated q/q, with fixed income flows modestly worse than expected." LM closed yesterday at $26.98.