UPDATE: Jefferies Raises Legg Mason's PT

According to a research report published earlier today, Jefferies has increased Legg Mason's LM PT from $31 to $33. Jefferies commented in the report, “Last week we spent several days with the mgmt team of LM throughout Europe. In general, business trends continue to improve on a modest basis. This is being driven by strengthening investment performance, which is in turn driving improved flow trends. Given this backdrop, combined with favorable markets we expect LM to report F4Q12 EPS at the upper end of its $0.42-$0.52 range.” Jefferies maintains its Buy rating on Legg Mason, which closed Friday at $28.63.