Pali Research Upgrades Lazard (LAZ) to Buy
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Pali Research upgrades Lazard (NYSE: LAZ) from Neutral to Buy.
Pali analyst says, "Restructuring, while expected to slow given the strong pace ofclosings in Q2 and Q3 remains healthy. The outlook for the AUM business isrobust given increasing allocations to international equities, and we believethe outlook for M&A is starting to slowly improve. LAZ is also likely toexperience compensation leverage in 2010 from a slower pace of stock awardamortization attributable to general run-off. We are raising our 2010 EPSestimate to $2.65 from $2.29 to reflect strength in the asset managementsegment. Our revised target is $46 or 17x our new 2010 EPS estimate. Our 2009EPS estimate goes to $0.10 from $0.59 reflective of an $87mm charge related tothe acceleration of former CEO Bruce Wasserstein’s RSU."
To see all the upgrades/downgrades on shares of LAZ, visit our Analyst Ratings page.
Lazard Ltd, through its subsidiaries, operates as a financial advisory and asset management firm worldwide.
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