MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Monday, July 11, 2011 An Analyst Downgrades Legg Mason's Stock to Sell 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." Printed from: MFWire.com/story.asp?s=37272 Copyright 2011, InvestmentWires, Inc. All Rights Reserved |