The Baltimore, MD-based holding company provides investment management and related services through its subsidiaries.
The increased price target comes after Jefferies met with several members of the company's management team last week.
"With the debt financing locked in, the company has returned to its active share repurchase program. While the recent flow trends have been negative, we are confident in a return to positive fixed income flows based upon recent performance and the growing pipeline of unfunded wins," the firm said in an analyst note.
The company is buying back at its historical levels of roughly $90 million per quarter, plus a "catch-up" of about $60 million, based on the recent pause in activity, Jefferies added.
Shares of Legg Mason closed at $34.10 on Monday.
Separately, TheStreet Ratings Team has a "Hold" rating with a score of C on the stock.
The primary factors that have impacted the rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks.
The company's strongest point has been its very decent return on equity which we feel should persist.
At the same time, 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