UPDATE: Morgan Stanley Raises PT to $31 on Legg Mason; Capital Management Tailwind

Morgan Stanley raises its price target on Legg Mason LM from $30 to $31 as it reaffirms a rating of Equal-weight on shares. Morgan Stanley comments, "Capital management has become a tailwind again for LM instead of a question mark, with debt refi quickly accretive to EPS and $1B of new buyback authorization on tap. With that under its belt, we expect the focus to revert to flow trends again." LM closed at $24.05 on Wednesday.