BofA/Merrill Lynch Upgrades Legg Mason (LM) to Neutral

BofA/Merrill Lynch upgraded Legg Mason (NYSE: LM) from Underperform to Neutral with a price target of $52.00 (from $48.00) on improving flows.

Analyst Michael Carrier said the outlook for organic growth at LM is more attractive given recent acquisitions broadening its product suite (QS & Martin Currie), the expected benefit from the issues at PIMCO, product innovation/launches, and expanded distribution.

The firm raised FY 2015 EPS from $2.06 to $2.15, FY 2016 EPS from $3.35 to $3.34 and FY 2017 EPS from $3.92 to $4.02.

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 $47.71 yesterday.

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