Lazard (NYSE:LAZ) Given New $61.00 Price Target at Morgan Stanley

Key Points

• Morgan Stanley has raised Lazard's price target from $47.00 to $61.00, indicating an upside potential of 8.36% from its current price while maintaining an "underweight" rating.
• The supply of investment ratings for Lazard includes three "Buy," three "Hold," and two "Sell," resulting in a consensus rating of "Hold" with a target price of $55.00.
• Lazard reported earnings of $0.52 per share, exceeding expectations of $0.38, with revenue reaching $796.00 million, a 16.2% increase from the previous year.

Lazard (NYSE:LAZ - Get Free Report) had its price target upped by equities research analysts at Morgan Stanley from $47.00 to $61.00 in a research note issued to investors on Monday,Benzinga reports. The firm presently has an "underweight" rating on the asset manager's stock. Morgan Stanley's price target would suggest a potential upside of 8.36% from the stock's current price.

LAZ has been the subject of several other research reports. The Goldman Sachs Group upped their price target on shares of Lazard from $35.00 to $40.00 and gave the company a "sell" rating in a report on Thursday, May 15th. JMP Securities set a $60.00 price target on shares of Lazard and gave the stock a "market outperform" rating in a report on Monday, July 14th. Wells Fargo & Company boosted their price target on shares of Lazard from $38.00 to $50.00 and gave the company an "equal weight" rating in a research note on Friday, July 11th. Keefe, Bruyette & Woods raised Lazard from a "market perform" rating to an "outperform" rating and boosted their price objective for the stock from $60.00 to $65.00 in a research report on Monday, August 25th. Finally, Citigroup reaffirmed an "outperform" rating on shares of Lazard in a report on Monday, July 14th. Three investment analysts have rated the stock with a Buy rating, three have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, Lazard presently has a consensus rating of "Hold" and a consensus target price of $55.00.

Lazard Price Performance

NYSE:LAZ opened at $56.30 on Monday. The firm has a market cap of $6.35 billion, a PE ratio of 19.41 and a beta of 1.35. Lazard has a 12 month low of $31.97 and a 12 month high of $61.14. The company has a quick ratio of 2.53, a current ratio of 2.53 and a debt-to-equity ratio of 2.15. The company's 50-day moving average price is $53.37 and its two-hundred day moving average price is $46.66.

Lazard (NYSE:LAZ - Get Free Report) last released its quarterly earnings results on Thursday, July 24th. The asset manager reported $0.52 EPS for the quarter, beating the consensus estimate of $0.38 by $0.14. Lazard had a net margin of 9.96% and a return on equity of 34.33%. The business had revenue of $796.00 million for the quarter, compared to analysts' expectations of $674.13 million. During the same period in the prior year, the firm earned $0.52 earnings per share. Lazard's revenue was up 16.2% compared to the same quarter last year. On average, equities analysts anticipate that Lazard will post 4.24 EPS for the current fiscal year.

Hedge Funds Weigh In On Lazard

A number of large investors have recently made changes to their positions in the business. Teza Capital Management LLC lifted its position in shares of Lazard by 2.4% during the 2nd quarter. Teza Capital Management LLC now owns 8,059 shares of the asset manager's stock valued at $387,000 after buying an additional 187 shares in the last quarter. PNC Financial Services Group Inc. lifted its holdings in Lazard by 12.5% in the 1st quarter. PNC Financial Services Group Inc. now owns 2,259 shares of the asset manager's stock valued at $98,000 after purchasing an additional 251 shares in the last quarter. Truist Financial Corp raised its holdings in shares of Lazard by 1.2% during the 2nd quarter. Truist Financial Corp now owns 25,191 shares of the asset manager's stock worth $1,209,000 after acquiring an additional 302 shares during the period. GAMMA Investing LLC increased its holdings in shares of Lazard by 57.2% during the 2nd quarter. GAMMA Investing LLC now owns 918 shares of the asset manager's stock worth $44,000 after buying an additional 334 shares during the last quarter. Finally, CWM LLC raised its holdings in Lazard by 1.8% in the 1st quarter. CWM LLC now owns 19,558 shares of the asset manager's stock valued at $847,000 after buying an additional 343 shares during the period. 54.80% of the stock is owned by institutional investors and hedge funds.

About Lazard

Lazard, Inc, together with its subsidiaries, operates as a financial advisory and asset management firm in North and South America, Europe, the Middle East, Asia, and Australia. It operates in two segments, Financial Advisory and Asset Management. The Financial Advisory segment offers financial advisory services, such as mergers and acquisitions, capital markets, shareholder, sovereign, geopolitical advisory, and other strategic advisory services, as well as restructuring and liability management, and capital raising and placement services.

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