Citigroup reiterated its Neutral rating on Legg Mason LM and lowered its price target from $28 to $26.
Citigroup said, "We believe there are too many uncertainties around strategic outlook, flows, margins and capital deployment to get involved in the stock. The most recent bull case reflects a possible break-up of the business, disposition of larger affiliates, and/or another deep round of expense cuts. Such hope seems false, with management essentially snuffing out those scenarios, we believe."
Legg Mason closed at $24.93 on Friday.
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Posted In: Analyst ColorPrice TargetReiterationIntraday UpdateAnalyst RatingsAsset Management & Custody BanksCitigroupFinancials
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