Barclays Maintains an 'Overweight' on Legg Mason (LM); Western's RFP Pipeline Refilling
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Price: $49.99 --0%
Rating Summary:
1 Buy, 14 Hold, 4 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 12 | New: 13
Rating Summary:
1 Buy, 14 Hold, 4 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 12 | New: 13
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Barclays maintains an 'Overweight' on Legg Mason (NYSE: LM) price target lowered $3 to $46.
Barclays analyst says, "During the quarter, LM faced flow headwinds, as Western Asset Management experienced outflows in core mandates, due to rebalancing and several clients shifting to passive mandates. Additionally, the lack of sales activity is consistent with last quarter's comment that the pipeline at Western had declined. Additionally, risk aversion among investors during the quarter negatively impacted flows across all of LM's affiliates. That being said, management appeared enthusiastic about Western's outlook."
"Our full-year GAAP EPS estimates are $1.62 in CY11 (vs $1.60 prior) and $2.23 in CY12 (vs $2.31 prior). Our revised CY11 EPS reflects the $0.08 2Q FY12 earnings upside, partially offset by a lower performance fees ($0.02) and lower equity returns ($0.05) in 3Q FY12."
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 $29.00 yesterday.
Barclays analyst says, "During the quarter, LM faced flow headwinds, as Western Asset Management experienced outflows in core mandates, due to rebalancing and several clients shifting to passive mandates. Additionally, the lack of sales activity is consistent with last quarter's comment that the pipeline at Western had declined. Additionally, risk aversion among investors during the quarter negatively impacted flows across all of LM's affiliates. That being said, management appeared enthusiastic about Western's outlook."
"Our full-year GAAP EPS estimates are $1.62 in CY11 (vs $1.60 prior) and $2.23 in CY12 (vs $2.31 prior). Our revised CY11 EPS reflects the $0.08 2Q FY12 earnings upside, partially offset by a lower performance fees ($0.02) and lower equity returns ($0.05) in 3Q FY12."
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 $29.00 yesterday.
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