Legg Mason, Inc. (LM)
by Zacks Equity ResearchSeptember 20, 2012 | Comments : 0 Recommended this article: (0)
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In the near term, assets outflows are expected to remain a significant headwind. The performance of Legg Mason's funds has remained mixed since the peak of financial crisis and its shares did not rebound as compared with its competitors.
Our 6-month target price of $24.00 equates to about 17.4x the Zacks Consensus Estimate for fiscal 2013. Combined with the $0.44 per share annual dividend, this price target implies an expected negative return of 7.7% over that period, which is consistent with our Underperform recommendation on the shares.
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