Nomura Securities Maintains a 'Neutral' on Legg Mason (LM); Takeaways From Meeting with CFO
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Price: $49.99 --0%
Rating Summary:
1 Buy, 14 Hold, 4 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 10 | Down: 17 | New: 16
Rating Summary:
1 Buy, 14 Hold, 4 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 10 | Down: 17 | New: 16
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Nomura Securities maintains a 'Neutral' on Legg Mason (NYSE: LM) price target of $28.00.
Analyst, Glenn Schorr, said, "CFO Peter Nachtwey, and Head of Global Investment Managers Ron Dewhurst. The general theme from management was that Legg was making good progress with performance, flows, and cost saves and that, starting this quarter, incremental revenues would flow to the bottom line (should produce +200bps margins). No new info on capital return, but ongoing confidence in resuming the buyback. Management would consider acquisitions, but not until 2013. Our 2012E/2013E EPS goes from $1.44 / $2.21 to $1.45 / $2.17."
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 $27.51 yesterday.
Analyst, Glenn Schorr, said, "CFO Peter Nachtwey, and Head of Global Investment Managers Ron Dewhurst. The general theme from management was that Legg was making good progress with performance, flows, and cost saves and that, starting this quarter, incremental revenues would flow to the bottom line (should produce +200bps margins). No new info on capital return, but ongoing confidence in resuming the buyback. Management would consider acquisitions, but not until 2013. Our 2012E/2013E EPS goes from $1.44 / $2.21 to $1.45 / $2.17."
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 $27.51 yesterday.
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