Lazard (LAZ) PT Lowered to $58 at Keefe, Bruyette & Woods

Keefe, Bruyette & Woods analyst Alex Bond lowered the price target on Lazard (NYSE: LAZ) to $58.00 (from $60.00) while maintaining an Outperform rating.

The analyst commented: "Our 2026E/2027E EPS estimates are moving lower largely as a result of incorporating higher comp levels in our forward estimates, partially offset by modestly higher revenue expectations. LAZ shares (-1.3%) underperformed peers on the day, which we believe was due to some uncertainty in the market around the ultimate level of forward comp leverage. While operating results in 3Q cleared a moderately lower bar and commentary remains upbeat on the revenue outlook, we are taking a more conservative stance on comp leverage expectations in light of the competitive hiring environment for senior talent and in anticipation of LAZ continuing to increase its MD headcount. Despite lowering our estimates, we maintain our OP rating; updated PT of $58."

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