Legg Mason Starts HLSH at HOLD We are initiating coverage of HLSH with Hold/High Risk ratings on the shares and are providing proforma earnings estimates for the company. (F04E-.27 eps; F05E- .33 eps; F06E- .36 eps)
We anticipate revisions to our estimates as the company releases audited financial statements and we gain additional insight into potential financial settlements and the company's post-scandal strategy, but we want to begin educating investors now sothey are better able to act on what we believe may e significant upside opportunity in HLSH shares as additional information becomes available.
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