Citigroup Maintains Neutral on Legg Mason After 12/13 Press Release

Citigroup has published a research report on Legg Mason LM after a press release on 12/13 commenting on Moody's negative outlook. In the report, Legg Mason writes, "Per a 12/13 press release, Moody's Investors Service revised LM's ratings outlook to negative from stable citing erosion in the company's market position due to outflows and the resulting negative impact to earnings and leverage. Per Moody's, the swing factors for future outlook revisions will be based on: 1) inflows/outflows; and, 2) gross total debt/EBITDA. The Baa1 senior unsecured debt rating remains unchanged." Citigroup maintains its Neutral rating and $27 price target on Legg Mason, which closed yesterday at $24.31.