Ticonderoga Reiterates a 'Buy' on Lazard (LAZ); Q1 First Look
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Price: $42.32 -2.11%
Rating Summary:
8 Buy, 9 Hold, 3 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 10 | Down: 7 | New: 64
Rating Summary:
8 Buy, 9 Hold, 3 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 10 | Down: 7 | New: 64
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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.
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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