Nomura Securities Maintains a 'Neutral' on Legg Mason (LM); 4Q11 Results Wrap
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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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Nomura Securities maintains a 'Neutral' on Legg Mason (NYSE: LM), PT lowered by $1 to $36.
Nomura analyst, Glenn Schorr, said, "LM finished fiscal 2011 on better footing relative to the prior year. We see F4Q and FY11 performance as heading in the right direction (but not all the way there yet). In our view, the stock’s negative reaction is largely a function of both a consensus long position going into F4Q and a muted outlook in light of changes to the comp structure at its Western affiliate that limits margin expansion (and earnings potential) targeted by the streamlining program. Heading in the right direction, although we see more compelling upside elsewhere; 2012/13 estimates decrease to $2.00/$2.77 from $2.06/$2.88 and px tgt moves to $36 from $37, based on a target multiple of 13.5x calendar 2012E EPS of $2.68."
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 $35.13 yesterday.
Nomura analyst, Glenn Schorr, said, "LM finished fiscal 2011 on better footing relative to the prior year. We see F4Q and FY11 performance as heading in the right direction (but not all the way there yet). In our view, the stock’s negative reaction is largely a function of both a consensus long position going into F4Q and a muted outlook in light of changes to the comp structure at its Western affiliate that limits margin expansion (and earnings potential) targeted by the streamlining program. Heading in the right direction, although we see more compelling upside elsewhere; 2012/13 estimates decrease to $2.00/$2.77 from $2.06/$2.88 and px tgt moves to $36 from $37, based on a target multiple of 13.5x calendar 2012E EPS of $2.68."
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 $35.13 yesterday.
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