Deutsche Bank Upgrades Legg Mason (LM) to Hold
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Deutsche Bank upgrades Legg Mason (NYSE: LM) from Sell to Hold. Price target increased from $18 to $23.
Deutsche analyst says, "Despite the fundamentals at Legg Mason remaining weak (performance, outflows, margins, & earnings outlook), recent press reports of an activist investor increasing its stake in the company will likely push the valuation higher, so the downside from weak fundamentals is less likely in the near term, thus we are moving to Hold. While we believe any avenues to force change will be very difficult to pull off, with the sign of an activist around, we don't view the downside risk/reward as attractive in the near term...Based on press reports that activist investor Nelson Peltz, via the Trian Fund, has taken an increasing stake in LM (less than 1% at 3/31/09, but reported to be nearing 10%), we expect the valuation to remain elevated in the near term."
To see more analyst ratings on LM Click Here.
Legg Mason, Inc. (Legg Mason) is a global asset management company. Acting through its subsidiaries, the Company provides investment management and related services to institutional and individual clients, Company-sponsored mutual funds and retail separately managed account programs.
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