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Fly News Breaks for March 16, 2016
LM
Mar 16, 2016 | 06:27 EDT
Credit Suisse analyst Craig Siegenthaler upgraded Legg Mason to Outperform citing a "severely" discounted valuation. The analyst raised his price target to $49 from $39 to reflect value benefits from its tax shield and estimates the company will reduce its net debt ratio to 2.1-2.5x from 2.7x. Additionally, Siegenthaler said Legg Mason's has strong free cash flow generation, which it can divert from buybacks to net reduction if market conditions or flows weaken.
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