Legg Mason Inc (LM) - Get Report stock tumbled nearly 4.5% midday Thursday even though the asset management firm beat second quarter earnings estimates, leaving analysts mixed, Barron's reported.

Earnings were 52 cents per share, compared to a 42-cent estimate. But normalizing for several one-time line items weighed on the company's operating income which was about $4 million below estimates at $107.2 million.

Jefferies analyst Dan Fannon sees 22% upside for the stock, though, increasing his price target to $49 from $45 and issuing a "buy" rating. Fannon said Legg Mason has a multiple higher than most of its industry peers even with risks of increased outflows and equity market declines.

Wells Fargo analyst Christopher Harris wasn't quite so optimistic, rating Legg Mason "outperform" and reducing his earnings estimates for the next three years. Harris said Legg Mason remains attractive for it valuation, diversity and flows.

Legg Mason stock has traded up over 30% since the start of 2017.

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