In a research note published on September 17, the analysts mention that it seems that the turnaround story would probably take a pause and due to this, rating on Legg Mason has been reduced.
In addition to this, this is believed to take some time to play out and possible options are also inadequate, even though a new Chief Executive Officer (CEO) and possibly more input from activist investors could be a positive. Furthermore, few short-term catalysts are foreseen in spite of the attractive valuation, the analysts add further.
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