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Jefferies Remains a Hold on Legg Mason


Jefferies analyst Daniel Fannon reiterated a Hold rating on Legg Mason (NYSE: LM) on July 11 and set a price target of $39. The company’s shares closed yesterday at $33.05, close to its 52-week low of $32.96.

According to TipRanks.com, Fannon is a top 100 analyst with an average return of 15.9% and a 77.2% success rate. Fannon covers the Financial sector, focusing on stocks such as WisdomTree Investments, Gain Capital Holdings, and Federated Investors.

Currently, the analyst consensus on Legg Mason is a Moderate Buy with an average price target of $45.50, implying a 37.7% upside from current levels. In a report issued on June 29, Credit Suisse also maintained a Hold rating on the stock with a $53 price target.

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Based on Legg Mason’s latest earnings release for the quarter ending March 31, the company reported a quarterly net profit of $73.39 million. In comparison, last year the company had a net profit of $49.18 million.

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Legg Mason, Inc. is a global asset management company. It provides investment management and related services to institutional and individual clients, company sponsored mutual funds and other pooled investment vehicles through financial intermediaries.