Ticonderoga Maintains a 'Neutral' on Legg Mason (LM); First Look: LM Reports FQ4'11; Below Our Estimate
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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: 14 | New: 11
Rating Summary:
1 Buy, 14 Hold, 4 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Ticonderoga maintains a 'Neutral' on Legg Mason (NYSE: LM).
Ticonderoga analyst says, "LM reported EPS of $0.45 per share, below our $0.49 estimate but in line with consensus. The miss versus our estimate was driven by lower revenues and higher compensation costs. We were modeling performance fees about $10 million higher. LM also had a low tax rate, roughly 400-500 basis points below our estimate."
"Flow Story Improving. LM had net outflows of $8.7 billion, below our $10-$11 billion estimate. Long-term decay was 5.9%, the best since 12/2007."
"LM indicated that projected Q4 EPS (March 2012) will be in the range of analyst estimates. Consensus here is $0.58 per share. The flow story is getting better and capital management and restructuring are improving earnings, but the revenue power of the company remains lackluster driven by AUM, which is actually down 1% year over year."
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 $37.10 yesterday.
Ticonderoga analyst says, "LM reported EPS of $0.45 per share, below our $0.49 estimate but in line with consensus. The miss versus our estimate was driven by lower revenues and higher compensation costs. We were modeling performance fees about $10 million higher. LM also had a low tax rate, roughly 400-500 basis points below our estimate."
"Flow Story Improving. LM had net outflows of $8.7 billion, below our $10-$11 billion estimate. Long-term decay was 5.9%, the best since 12/2007."
"LM indicated that projected Q4 EPS (March 2012) will be in the range of analyst estimates. Consensus here is $0.58 per share. The flow story is getting better and capital management and restructuring are improving earnings, but the revenue power of the company remains lackluster driven by AUM, which is actually down 1% year over year."
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 $37.10 yesterday.
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