Be wary of stocks with exposure to capital markets, says KBWs Joel Jeffrey, downgrading Lazard...

|About: Lazard Ltd. (LAZ)|By:, SA News Editor

Be wary of stocks with exposure to capital markets, says KBWs Joel Jeffrey, downgrading Lazard (LAZ -2.1%) to Market Perform. Given reasonable valuations, strong balance sheets, and easy credit, M&A activity should be way up, but it isn't. In fact, activity is declining, leaving companies depending on advisory fees sucking wind.