Nomura Securities Starts Lazard (LAZ) at Neutral

January 9, 2014 8:27 AM EST
Get Alerts LAZ Hot Sheet
Price: $40.61 -0.76%

Rating Summary:
    9 Buy, 5 Hold, 2 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
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Nomura Securities initiates coverage on Lazard (NYSE: LAZ) with a Neutral. PT $47.00.

"LAZ has made good progress improving efficiency and has produced share gains in Advisory, even though European M&A (where LAZ is more exposed) has been significantly weaker than other regions," analyst Steven Chubak states. "However, we believe future earnings growth from cost initiatives / margin progress is already reflected in the current valuation, supporting our Neutral rating. FY13E EPS at $1.73; FY14E EPS at $2.5."

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 $45.41 yesterday.

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