Legg Mason (NYSE:LM) Very Vulnerable to Market Turn Says Ticonderoga

With outflows soaring at Legg Mason (NYSE:LM), Ticonderoga sees Legg Mason (NYSE:LM) as being extremely vulnerable to a turn in the market.

Ticonderoga says, "LM reported net long-term outflow of $16.2 billion or decay of 12%, the highest in a year. Fixed income had outflow of $13 billion, the worst in a year while equity had outflow of $3.3 billion...Flows are getting worse. If the markets were not up as much as they were, this Company would be struggling a lot more. Relative to other managers, LM is very vulnerable to a turn in the market."

Ticonderoga reiterates a "Sell" rating on Legg Mason (LM), which closed Wednesday at $33.75, losing $1.86, or 5.22 percent. Ticonderoga has a price target of $28 on Legg Mason.