UPDATE: Citi Raises Legg Mason's PT

According to a research report published earlier today, Citi has increased Legg Mason Inc.'s LM PT from $2 to $29. Citi said in the report, “Actions follow CIRA sponsored investor meeting with senior management on 3/6 in NY ahead of Citi's 3/7-3/8 Financial Services conference and moderately higher C12-13 EPS estimates. After a year plus of corporate streamlining, management is now clearly focused on driving top-line growth, the key to margin improvement. Sizeable cost reduction and aggressive repurchase seem less likely and potential shareholder disappointments, in our view. That said, flow story is stabilizing and capital management should be a more consistent theme looking ahead.” Citi maintains its Neutral rating on Legg Mason, which closed yesterday at $26.57.