Goldman Sachs Assumes Lazard (LAZ) at Conviction Buy

Goldman Sachs assumes coverage on Lazard (NYSE: LAZ) with a Conviction Buy list rating and price target of $70.00 (from $63.00).

Analyst Daniel Paris commented, "We see Lazard as the primary beneficiary of a recovery in European M&A activity (it was the number-3 global advisor in Europe in 2014), which is likely to lead to continued growth in revenue per employee and margin expansion potential that is well head of consensus expectations. Coupled with a strong international/ institutional-focused asset management business and a valuation that is 5-10% below its sum-of-the-parts (SOTP), we see meaningful share upside potential."

Catalysts cited by the analyst:

1) Still room for margin expansion & SOTP re-rating:

2) Best pure-play on a European M&A recovery

3) Underappreciated asset management franchise

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 $56.82 yesterday.

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