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Lazard Bank Poised To Benefit From Recovering Domestic And International Financial Markets
- Lazard should benefit from the upturn in the global M&A markets.
- The firm’s revenues are split equally between asset management and investment banking with the former set to expand dramatically as M&A’s increase off their historically low levels.
- The firm is well positioned in fast growing international markets and should take market share in both asset management and investment banking overtime.
- Given cyclical growth opportunities, and strong firm management, stock is a good buy for investors at today’s prices.
- Turnaround in global merger & acquisition activity on the horizon.
- 3 consecutive quarters of positive net inflows and earnings.
- Cost reductions = increased operating margins.
- Technical picture looks positive.
Lazard Looking to Sell U.S. Brokerage House -- ReportEli Hoffmann • Jul. 27, 2007
Wed, Mar. 26, 9:51 AM
- Among the movers in the financial sector in the early-going following sell-side moves:
- Lazard (LAZ +1.7%) is boosted to a Buy at Nomura on favorable organic growth trends and market share gains in its advisory business.
- Carlyle Group (CG +5.1%) is upgraded to a Buy at UBS, which cites the push into retail offerings and the significant win with the hiring Michael Cavanagh from JPMorgan. See also: Carlyle eyeing traditional asset manager purchase as it seeks a higher multiple.
- Yadkin Financial (YDKN -1.6%) is lower after KBW rings the register on its Outperform rating.
Thu, Jan. 2, 10:47 AM
- Trading at 1.2x tangible book value, the stocks of Goldman Sachs (GS +0.1%) and Morgan Stanley (MS -0.7%) look to have mostly priced in management's ability to drive returns above cost of capital, says analyst Keith Horowitz, who nevertheless raises Goldman's PT to $195 and Morgan's to $35.
- Bank of America's (BAC +2.2%) new price target of $19 "reflects a cost of equity more in line with history and no longer impacted by legacy issues."
- Lazard (LAZ -0.5%) - which had a big 2013 - may do little more than tread water this year, says Horowitz, as weak M&A activity weighs on earnings.
- Previous coverage of CIti's BofA upgrade
Jul. 25, 2013, 3:31 PMLazard (LAZ +5.6%) gets past a weak deal market, reporting a 9% increase (earnings) in its financial advisory business in Q2 thanks to getting a piece of 4 out of 10 of the largest M&A deals this year. Compensation expense rose 17%, but as a percentage of revenue fell to 60% from 62.7% a year ago. Evercore (EVR +1%) also overcame the sluggish environment (earnings), taking market share as investment banking revenues rose 18.8% Y/Y. Its compensation ratio dropped to 63.5% from 66.3% a year ago. | Comment!
Apr. 26, 2013, 9:46 AMLazard (LAZ -0.6%) recovers from a big opening decline caused by a sizable earnings miss. Financial advisory revenue of $168M fell 39% Y/Y, led by M&A off 37%. Asset management revenue of $240M rose 14%. Management fees of $220M rose 10%. "Our first quarter results reflect the uneven pace of the M&A markets balanced by the strength in equity markets," says CEO Ken Jacobs. The cost-cutting plan outlined last year is nearly complete, he reports, with the full beneficial impact to be felt in 2014. Greenhill (GHL -0.5%). Evercore (EVR +0.3%). | 1 Comment
Jan. 12, 2012, 11:57 AMLazard (LAZ -1.4%) shares slip after Citigroup lowers its rating to Neutral and trims the asset manager's 2012 earnings outlook by 11%. But some other alternative asset managers, including Blackstone (BX -1.7%), also are negative, possibly a by-product of the political flare-up over Mitt Romney's time at Bain Capital and whether PE firms are "vulture capitalists." | Comment!
Jul. 15, 2011, 2:10 PM
LAZ vs. ETF Alternatives
Lazard Ltd, together with its subsidiaries, operates as a financial advisory and asset management firm worldwide. The company's Financial Advisory segment offers a range of services regarding mergers and acquisitions and strategic advisory matters etc.
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