Wed, Aug. 26, 2:42 PM
- No financial sector stocks are immune to the "higher risk" themes of energy, interest rates, and emerging markets, say Nomura's Steven Chubak and Sharon Leung, but they have picked three oversold ones offering big long-term value.
- Morgan Stanley (MS +3.7%), says the team, has been disproportionately punished over energy concern, E*Trade (ETFC +3.1%) for rates (the chance they're not headed higher), and Lazard (LAZ +2.9%) for its exposure to emerging markets/China.
- Long-term earnings potential supports more than 30% upside at all three, they say.
- The team is also bullish on Citigroup (C +2.9%), but note the stock has been surprisingly resilient despite heavy leverage to both emerging markets and rates. They thus prefer Morgan.
Thu, Jul. 23, 7:03 AM
Wed, Jul. 22, 5:30 PM
- ABB, ABC, ADS, AEP, ALK, AMAG, AOS, ASPS, BCC, BHE, BKU, BMS, BMY, BSX, CAB, CAM, CAT, CELG, CFX, CLFD, CMCSA, CMS, COR, CS, CSL, CY, DAN, DFRG, DGX, DHR, DLX, DNKN, DOW, DPS, DST, EQM, EQT, FAF, FCX, FIS, FNB, GM, GMT, GNTX, GPI, GPK, HBAN, HERO, HUB.B, IMAX, IQNT, IVC, JNS, KKR, KMB, LAZ, LLY, LUV, MAC, MCD, MHO, MINI, MJN, MMM, MNRO, MRGE, NDAQ, NEO, NUE, NWE, ORI, PDS, PENN, PHM, PRLB, PTEN, QSII, R, RCI, RS, RTN, SCHL, SFE, SHPG, SNA, SQNS, STC, STM, SYNT, TCB, TROW, UA, UAL, UNP, USG, UTEK, VAC, VRX, WAB, WCC, WIT, WM, WRLD, XRS
Wed, Jul. 22, 4:29 PM
Thu, Jun. 25, 2:59 PM
- Announced M&A year-to-date of $2.1T is up 37% from a year ago, and the second-busiest year ever, trailing just 2007.
- Adjusting for growth in global market valuations, however, says Goldman, and deal volume is still 15% below historical averages and 30% lower than 2007's record.
- According to Goldman, M&A cycles typically occur over five years, and with 2014 being the first year of underlying growth, it means this current uptick has another 2-3 years to go.
- The Goldman team in particular likes the stocks of boutique M&A banks such as Lazard (LAZ) and Greenhill (GHL +3.7%).
- Others to consider could be Evercore Partners (EVR +0.2%) and Moelis & Co. (MC -0.8%).
- ETFs: KCE, KBWC
Thu, Apr. 23, 7:04 AM
Wed, Apr. 22, 5:30 PM
- ABBV, AEP, ALK, ALXN, ASPS, AVT, BAX, BBT, BCC, BEAV, BHE, BKU, BMS, BTU, CAB, CAM, CAT, CFX, CLFD, CLI, CMS, COL, COR, CSL, DAN, DGX, DHR, DLX, DNKN, DOW, DPS, DPZ, DST, EQM, EQT, ERIC, FAF, FCX, FNB, GM, GMT, GPK, GRA, HP, HSY, HUB.B, IQNT, IR, IVC, JAH, JCI, JNS, KKR, LAZ, LLY, LTM, LUV, MDP, MDSO, MHO, MJN, MMM, MO, MTH, NDAQ, NUE, NVS, NWE, ORI, PENN, PEP, PG, PHM, PII, PNK, PRLB, PTEN, RS, RTIX, RTN, SFE, SNA, SQNS, STC, SUI, SWK, SXC, SYNT, UAL, UNP, USG, UTEK, WBC, WCC, WNS
Wed, Apr. 22, 4:39 PM
Mon, Mar. 9, 10:39 AM
Tue, Feb. 17, 11:52 AM
- Lazard (LAZ +0.3%) late last week announced an offering of $400M of 10-year paper carrying a 3.75% coupon. Proceeds, along with $50M of cash will be used to partially retire $450M of the $548M outstanding of 6.85% notes due in 2017, and a reduction in annual interest expense of about $16M, says analyst Ashley Serrao, reiterating an Outperform and boosting the price target to $59.
Thu, Feb. 5, 12:12 PM
- Q4 adjusted net income of $172M or $1.29 per share was up from $110M and $0.81 a year ago, with Q4 operating revenue of $646M up 4%. Special $1 per share dividend declared, and the buyback is boosted by $150M, bringing the total authorization to $243M.
- Financial Advisory operating revenue of $359M up 14% Y/Y.
- M&A and Other Advisory revenue of $297M up 17% Y/Y.
- Asset Management revenue of $284M down 3% Y/Y.
- AUM of $197B up 5% Y/Y.
- LAZ +5.7%
- Previously: Lazard beats by $0.23, beats on revenue (Feb. 5)
Thu, Feb. 5, 7:11 AM
Wed, Feb. 4, 5:30 PM
- ABB, ADS, AINV, AMSC, APO, ARW, AZN, BCE, BCO, BDC, BDX, BLL, BR, CFX, CHTR, CI, CMI, COTY, CSL, DFT, DLPH, DNKN, EL, EQM, EQT, ETR, FBP, FIS, GLT, GPI, GPK, GRA, GRUB, ICE, IT, IVC, KORS, LAZ, LIOX, LQDT, MDSO, MMP, MMS, MSCI, NGD, NUS, ODFL, OZM, PBH, PM, PPL, PRGO, PRLB, PTEN, RFP, RSTI, SBH, SIRI, SNA, SNCR, SPH, SQNS, TDC, TE, TEVA, TW, USG, UTEK, VLP, VMC, VSH, XYL
Wed, Feb. 4, 4:50 PM
Mon, Jan. 12, 2:51 PM
- "We now see less room for multiple expansion," says JMP's Devin Ryan on his downgrade of Morgan Stanley (MS -1.4%) to Market Perform from Market Outperform. The stock was the team's top pick in 2014, but Ryan notes gains of 25%, 65%, and 28% makes three straight years of significant outperformance.
- The stock's now trading at about 12x the team's 2015 estimates and 1.2x the forward book value estimate.
- Ryan does see opportunity elsewhere, though, particularly E*Trade (ETFC -1.5%) in the retail brokerage sector as earnings growth remains elevated, and Lazard (LAZ -1.2%) in the bulge bracket investment bank area as the M&A cycle still has room to run.
- 2015 is shaping up to be better than 2014 for alternative investment managers as well, says Ryan, naming Fortress Investment Group (FIG -2.2%) and KKR (KKR -2.1%) as top picks.
- Previously: JMP Securities: Time to ring the register on Morgan Stanley (Jan. 12)
Oct. 23, 2014, 6:21 AM
LAZ vs. ETF Alternatives
Lazard Ltd, together with its subsidiaries, operates as a financial advisory and asset management firm. It provides crafting solutions to the complex financial and strategic challenges around the world, including corporations, governments and individuals.
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