I would hope that anyone familiar with Legg Mason would ignore them. This downgrade could have been expected by looking at their history on this stock. Every 2-4 months, they routinely toggle their recommendation between Buy and Hold. Sure the price was at an all-time high. And any time it goes down they jump back to Buy. But their recommendations seem based more on history than any actual business analysis. Who cares?
Profit-taking has to be expected. Legg Mason is simply voicing what will make them some commission dollars. The stock is still very strong-looking. It just made an all-time high Friday! I'd buy more on a brief 3 day decline and look for a knocking on 50's door in a few weeks.