Sterne Agee is out with a research report on Legg Mason Inc. LM and is downgrading shares to Underperform with a $32 price target.
In a note to cliens, Sterne Agee writes, "We continue to believe LM will struggle to post meaningful growth in AUM or revenues absent a sizable equity market rally. And in that environment we expect shares of more equity-exposed peers would outperform. While fixed-income net flows have improved, we believe the company is still a long way from generating material net inflows which we believe are necessary for meaningful relative multiple expansion."
Shares of LM gained $1.43 yesterday to close at $27.15.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Posted In: Analyst ColorDowngradesPrice TargetAnalyst RatingsAsset Management & Custody BanksFinancialsSterne Agee
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in