Following reports that private equity approached Legg Mason about a potential buyout, Citigroup says such a deal would be "fraught with many complexities." Citi estimates that a break-up of Legg Mason could yield $28-$30 per share, and possibly $34 per share should bankers be willing to lever the platform to four times EBITDA. Citi views shares of Legg Mason as "fundamentally pricey" at current levels and keeps a Neutral rating on the name.
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