Ticonderoga Reiterates a 'Buy' on Lazard (LAZ); Q1 First Look

Ticonderoga reiterates a 'Buy' on Lazard (NYSE: LAZ), PT $51.

Ticonderoga analyst says, "LAZ reported EPS of $0.43 was above our estimate and in line with consensus. Net revenues were $438 million, above our $425 million estimate, driven by stronger M&A fees partially offset by weaker than expected restructuring and asset management. M&A was up 11% year over year while restructuring was down 65% year over year...AUM Results a Touch Weaker - Asset management revenues were $224 million, below our $231 million estimate. We suspect the shorter quarter for days played a role as it has for most in the AUM space. Flows were $700 million, down from the torrid pace last year but in line with our estimate. AUM ended the quarter at a record $160 billion...Compensation and Share Shrinkage Probably the Most Positive Elements of the Quarter...Backlog Robust in M&A."

For more ratings news on Lazard click here and for the rating history of Lazard click here.

Shares of Lazard closed at $41.11 yesterday.

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