No Negatives a Positive for Legg Mason (LM) - Analyst

April 10, 2013 11:03 AM EDT Send to a Friend
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Price: $57.83 -0.43%

Rating Summary:
    6 Buy, 10 Hold, 4 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 11 | Down: 27 | New: 22
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Wells Fargo today maintained an Outperform rating on Legg Mason (NYSE: LM) with a price target of $38-$40. Yesterday Legg Mason reported March assets under management. Commenting on the news, analyst Christopher Harris noted stabilization in long-term flows.

"Long-term assets under management (AUM; excluding Fauchier) increased by 70bps in March with most of the increase likely due to market appreciation. While flows do not appear to be positive in the aggregate, there weren't any negative surprises either, which we believe is a win for LM," said Harris.

"Flows and performance have considerably improved and, while the company still has challenges, we want to be involved in the stock ahead of the story becoming completely 'clean,' added the analyst.

For an analyst ratings summary and ratings history on Legg Mason (NYSE: LM) click here. For more ratings news on Legg Mason click here.

Shares of Legg Mason closed at $31.23 yesterday.

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