The Baltimore, MD-based holding company provides investment management and related services through its subsidiaries.
The higher price target comes after Barclays met with the company's CFO Pete Nachtwey last week.
"Over the last two months we have received increasing clarity regarding deal financing, accretion targets, credit outlooks, and a better picture of what a fully integrated LM should look like," the firm wrote in a note.
During March, the company completed $700 million of debt issuances through two offerings, which has allowed it to "turn the buyback back on," Barclays added.
Additionally, "we believe the impact of cost-synergies can easily make the combined impact of the deals double-digit accretive. However, the timeline remains tentative, perhaps not materializing until fiscal 2018," the firm said.
Shares of Legg Mason are slumping by 1.88% to $32.39 at the start of trading on Tuesday.
Separately, TheStreet Ratings Team has a "Hold" rating with a score of C on the stock.
The primary factors that have impacted our rating are mixed.
The company's strongest point has been its very decent return on equity which we feel should persist.
However, the team also finds weaknesses including a generally disappointing performance in the stock itself, feeble growth in the company's earnings per share and deteriorating net income.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: LM