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Rating:An Analyst Downgrades Legg Mason's Stock to Sell Not Rated 0.0 Email Routing List Email & Route  Print Print
Monday, July 11, 2011

An Analyst Downgrades Legg Mason's Stock to Sell

News summary by MFWire's editors

Legg Mason [see profile] received some more bad news Friday morning. Barron's "Focus on the Funds" columnist Murray Coleman and Wall Street Journal "MarketBeat" columnist Mary Pilon both reported that S&P just lowered its rating of the Baltimore-based mutual fund firm from hold to sell.

The move may not surprise fundsters, as S&P reportedly downgraded Legg's debt to BBB last month [see The MFWire, 6/24/2011].

"The big picture is that outflow trends remain persistent, even during periods when we've seen markets appreciate," lead S&P equity analyst Chris Maimone told Barron's. "At the same time, they're trying to cut costs and become more efficient. They're pinched on both ends Until we can see a more sustained growth story, I think the stock should be sold."

A Legg spokeswoman insisted to the WSJ that the fund firm's "shares remain a compelling value." 

Edited by: Neil Anderson, Managing Editor

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