Credit Suisse Sticks to Its Buy Rating for Legg Mason

By Ryan Adsit

Credit Suisse analyst Craig Siegenthaler maintained a Buy rating on Legg Mason (NYSE: LM) yesterday and set a price target of $41. The company’s shares closed yesterday at $39.74, close to its 52-week high of $39.85.

According to TipRanks.com, Siegenthaler is a 4-star analyst with an average return of 5.1% and a 64.6% success rate. Siegenthaler covers the Financial sector, focusing on stocks such as Apollo Global Management LLC, Virtus Investment Partners, and Huntington Bancshares Inc.

Currently, the analyst consensus on Legg Mason is Strong Buy and the average price target is $42.33, representing a 6.5% upside.

In a report issued on June 8, Jefferies also reiterated a Buy rating on the stock with a $43 price target.

Based on Legg Mason’s latest earnings report for the quarter ending March 31, the company posted quarterly revenue of $723 million and quarterly net profit of $73.37 million. In comparison, last year the company earned revenue of $620 million and had a GAAP net loss of $45.89 million.

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Legg Mason, Inc. is a global asset management company, which provides investment management and related services to institutional and individual clients, company sponsored mutual funds and other pooled investment vehicles through financial intermediaries. The company’s investment products include proprietary mutual funds ranging from money market and other liquidity products to fixed income and equity funds, other domestic and offshore funds offered to both retail and institutional investors and funds-of-hedge funds. It conducts business through asset managers which provide separate account investment management services to institutional clients, including pension and other retirement plans, corporations, insurance companies, endowments and foundations and governments, and to high net worth individuals and families and also sponsor and manage various groups of mutual funds. Legg Mason was founded in 1981 and is headquartered in Baltimore, MD.