January 10, 2013 at 09:17 AM EST
Keefe, Bruyette, & Woods Downgrades Legg Mason to “Market Perform” (LM)

On Thursday analysts at Keefe, Bruyette, & Woods downgraded Legg Mason, Inc. (LM) as KBW expects continued outflows from the asset management company’s equity business.

The analysts downgraded LM from “Outperform” to “Market Perform” and see shares reaching $29. This target suggests a +11.5% upside to Wednesday’s closing price of $26.

Legg Mason shares were flat during premarket trading on Thursday. The stock is up +8.79% over the past year.

The Bottom Line
Shares of Legg Mason (LM) have a 1.69% dividend yield, based on last night’s closing stock price of $26.00. The stock has technical support in the $24-$25 price area. If the shares can firm up, we see overhead resistance around the $28-$29 price levels.

Legg Mason, Inc. (LM) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.0 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.

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