After meeting with management, Deutsche Bank analyst Brian Bedell says shares of Legg Mason remain undervalued. The analyst believes management's retail distribution efforts and collaboration with its affiliates in product design will lift the company's long-term product organic growth rate into at least a positive 1%-2% range this fiscal year and enable at least modest positive operating leverage generation over many of the next several quarters. He views Legg Mason shares as among the better value plays in the asset manager space and keeps a Buy rating on the name.