Goldman Sachs Resumes Lazard (LAZ) at Neutral

Goldman Sachs resumes coverage on Lazard (NYSE: LAZ) with a Neutral rating and $24.50 price target.

Cyclical pressures and in-line valuation leave little upside, the firm said.

The analyst comments, "The mature nature of LAZ's advisory business suggests top-line recovery will be more a function of the M&A cycle, as market share gains have been limited (advisory revenue CAGR of 7% since 2004, closer to BB peers). With LAZ’s 2Q announcements run-rate down 75% from last 3-quarter average and a greater exposure to Europe (about 40%), we expect near-term results to be under pressure."

For an analyst ratings summary and ratings history on Lazard click here. For more ratings news on Lazard click here.

Shares of Lazard closed at $25.23 yesterday.

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