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Citi Affirms Buy on Legg Mason (LM)

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Citi is out with its report today on Legg Mason (NYSE: LM), affirming Buy.

In a note to clients, Citi writes, "Affirm non-consensus Buy and $46 12-month target following CIRA sponsored investor meeting with CFO on 3/8. Overall, the session reinforced the dichotomy that despite likely sluggish AUM growth, core earnings power has been sharply rising owing to: 1) improving margin; 2) rising fee realization; and, 3) FCF leverage."

At the time of posting, shares of LM were trading pre-market at $35.55, up 0.14% from Tuesday's close.

 

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