Legg Mason Upgraded to “Buy” at Citigroup; Added to “Top Picks” List (LM)

By Dividend.com Staff,

Shutterstock photo

Asset manager Legg Mason, Inc. ( LM ) on Thursday caught a big upgrade from analysts at Citigroup.

The firm said it boosted its rating on LM from "Neutral" to "Buy" with a $32.50 price target. That target suggests a massive 35% upside to the stock's Wednesday closing price of $24.05.

Citigroup also added Legg Mason to its "Top Picks Live" list, citing the company's new capital plan, which includes deleveraging strategies and more share buybacks.

Legg Mason shares were unchanged in premarket trading Thursday.

The Bottom Line
Shares of Legg Mason ( LM ) have a 1.83% dividend yield, based on last night's closing stock price of $24.05. The stock has technical support in the $20 price area. If the shares can firm up, we see overhead resistance around the $26-$28 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 .

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Created by Dividend.com

This article appears in: Investing Stocks
Referenced Stocks: LM

More from Dividend.com



Follow on:

Find a Credit Card

Select a credit card product by:
Select an offer:
Data Provided by BankRate.com