Friedman, Billings Ramsey & Co.
analyst Matt Snowling
revised his rating on Legg Mason
stock downward, from "market perform" to "underperform," due to concerns over Legg Mason's $3.9 billion exposure to structured investment vehicles, according to
. In his research note, Snowling noted that the support agreements betweeen Legg and the SIVs are due to begin expiring this month and their asset values remain under pressure.
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