Wells Fargo Upgrades Legg Mason (LM) to Outperform

March 21, 2013 7:01 AM EDT
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Price: $32.81 +2.05%

Rating Summary:
    8 Buy, 9 Hold, 5 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 24 | Down: 17 | New: 14
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Wells Fargo upgraded Legg Mason (NYSE: LM) from Market Perform to Outperform and raises its valuation range from $26-$30 to $38-$40 saying they see upside potential from improving fundamentals and low expectations.

"Our upgrade is driven by an improving flow and performance picture and seemingly universal cautiousness with the story which we think could drive upside surprises as less bad becomes good," the analyst said.

The firm raised FY2014/ FY2015 EPS estimates to $2.25/$2.68 from $2.10/ $2.48 prior.

For an analyst ratings summary and ratings history on Legg Mason click here. For more ratings news on Legg Mason click here.

Shares of Legg Mason closed at $31.88 yesterday.

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