UPDATE: Jefferies Lowers Price Target on Legg Mason to $31

According to Jefferies, Legg Mason LM target price is lowered to $31. Jefferies said that while overall performance trends have held up on a relative basis, they are not immune to this extreme mkt volatility. “Our revised $31 PT (was $34) is based upon an approx. 9x multiple of our CY12 cash EPS estimate. We expect modest multiple expansion to occur as fund flow trends improve and margins expand. Risks to our estimates include ongoing outflows and market volatility.” Legg Mason closed yesterday at $26.59.