BMO Capital Markets Reiterates “Underperform” Rating for Legg Mason (LM)
Legg Mason (NYSE:LM)‘s stock had its “underperform” rating reaffirmed by investment analysts at BMO Capital Markets in a note issued to investors on Thursday, AnalystRatingsNetwork reports. They currently have a $35.00 target price on the stock, up from their previous target price of $34.00. BMO Capital Markets’ target price suggests a potential upside of 1.77% from the company’s current price.
The analysts wrote, “We attended Legg Mason’s investor lunch in New York yesterday and came away encouraged that the company has a plan to address its challenges; however, the key will be executing that plan in the face of a market environment that we expect to change in ways that may present headwinds for the company. Specifically, we believe Legg is not as well positioned as peers for rising interest rates and an eventual rotation to equities from bonds.”
A number of other analysts have also recently weighed in on LM. Analysts at TheStreet downgraded shares of Legg Mason (NYSE:LM) from a “buy” rating to a “hold” rating in a research note to investors on Tuesday. Separately, analysts at Susquehanna raised their price target on shares of Legg Mason (NYSE:LM) from $22.00 to $23.00 in a research note to investors on Friday, July 26th. They now have a “negative” rating on the stock. Finally, analysts at Keefe, Bruyette & Woods raised their price target on shares of Legg Mason (NYSE:LM) from $36.00 to $38.00 in a research note to investors on Friday, July 26th.
Five investment analysts have rated the stock with a sell rating, eight have given a hold rating and three have issued a buy rating to the company’s stock. Legg Mason currently has a consensus rating of “Hold” and an average price target of $33.00.
Legg Mason (NYSE:LM) traded down 0.58% during mid-day trading on Thursday, hitting $34.19. The stock had a trading volume of 224,437 shares. Legg Mason has a one year low of $23.88 and a one year high of $37.04. The stock has a 50-day moving average of $33.66 and a 200-day moving average of $32.52. The company’s market cap is $4.218 billion.
Legg Mason (NYSE:LM) last announced its earnings results on Thursday, July 25th. The company reported $0.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.46 by $0.22. The company had revenue of $670.40 million for the quarter, compared to the consensus estimate of $657.20 million. During the same quarter in the previous year, the company posted $0.25 earnings per share. The company’s revenue for the quarter was up 6.3% on a year-over-year basis. Analysts expect that Legg Mason will post $2.17 EPS for the current fiscal year.
Legg Mason, Inc (NYSE:LM) is a global asset management company.
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