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Legg Mason: Credit Suisse now 'neutral' on stock

(CercleFinance.com) - In a report issued on Wednesday, Credit Suisse has downgraded its "outperformance" rating on the stock of investment management group Legg Mason.
The analyst is now "neutral" about the stock, with a target price of 49 dollars.

"When we upgraded LM on 3/16/17 to outperform ("Too Compelling to Remain on Sidelines"), our thesis was predicated on several overhangs that we thought would dissipate over the next year," the Swiss broker explained, which mentioned a recovery of the net flow, renewed visibility on EPS and even reduced risk in terms of mergers and acquisitions in the context of new transactions.

"We now believe our objectives have been mostly achieved," Credit Suisse points out, whose current stance towards Legg Mason is now very close to the consensus.

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