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Legg Mason (LM) PT Raised to $65 at Piper Jaffray

August 3, 2015 6:53 AM EDT
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Price: $49.99 --0%

Rating Summary:
    1 Buy, 14 Hold, 4 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 13 | Down: 11 | New: 11
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Piper Jaffray analyst Jason Weyeneth reiterated an Overweight rating and bumped his price target on Legg Mason (NYSE: LM) to $65.00 (from $62.00) after reviewing Q2. The analyst notes flow momentum is solid and fixed income risk are overblown.

Weyeneth commented, "Following fiscal 1Q16 we reiterate our Overweight rating given solid flow momentum, an improving margin outlook, a friendly capital management program and attractive relative valuation (adjusted for tax assets). We believe concerns over the impact of rising interest rates are overblown given LM's business mix."

The firm bumped FY 2016 EPS from $3.19 to $3.26 and FY 2017 EPS from $3.79 to $3.91.

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 $49.34 yesterday.



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