Nomura Securities Maintains a 'Neutral' on Legg Mason (LM); Prefers IVZ and BLK Despite Refi and Stock Buyback Announcement

Nomura Securities maintains a 'Neutral' on Legg Mason (NYSE: LM) price target of $28.00.

Analyst, Glenn Schorr, said, "Legg Mason announced it will be repurchasing its $1.25bn 2.5% convertible senior notes using cash on hand, $250m from existing credit facility, and a $650m senior notes offering. We view this as a positive for LM. We find LM’s valuation interesting at current levels, but remain Neutral on the stock as we believe Invesco (NYSE: IVZ) and BlackRock (NYSE: BLK) offer better fundamentals, the same or more upside, and a more sustainable growth path."

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 $24.05 yesterday.

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