Gabelli Says Legg Mason "Attractive" (LM)

Gabelli & Co. has a Buy rating on shares of Legg Mason LM, as it believes shares are "attractive." Gabelli goes on to say, "We continue to believe in the turnaround in flows at Legg Mason. During the last quarter, net outflows were $8.7 bn. Excluding, the liquidity outflows, the April update suggests continued improvement. Fixed income AUM increased for the fourth straight month, despite legacy institutional outflows at Western Asset Management and outflows related to municipal securities. We attribute the improving flow picture to positive investment performance. Shares of Legg Mason are currently trading at 6.8x our FY 2012E EBITDA. The current price is attractive relative to our 2012 PMV of $60." Shares of LM closed at $34.65 yesterday.