FBR Capital Downgrades Legg Mason (LM) to Underperform; Rotation Out of Fixed Income Is Underway

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FBR Capital downgraded Legg Mason (NYSE: LM) from Market Perform to Underperform.

FBR analyst says, "Consistent with our expectation of an investor rotation out of fixed-income mutual funds, we are lowering our ratings on the more fixed-income-concentrated managers under coverage, LM and BEN. Note, fixed-income products comprise 55% and 39% of LM and BEN assets under management (AUM), respectively, versus the peer group average of 28%."

For more ratings news on Legg Mason click here and for the rating history of Legg Mason click here.

Shares of Legg Mason closed at $36.24 yesterday, with a 52 week range of $24.00-$34.83.

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