Lazard (LAZ – Research Report), the Financial sector company, was revisited by a Wall Street analyst yesterday. Analyst Ryan Kenny from Morgan Stanley maintained a Hold rating on the stock and has a $63.00 price target.
Discover the Best Stocks and Maximize Your Portfolio:
- See what stocks are receiving strong buy ratings from top-rated analysts.
- Filter, analyze, and streamline your search for investment opportunities with TipRanks’ Stock Screener.
Ryan Kenny has given his Hold rating due to a combination of factors influencing Lazard’s financial performance. The firm recently reported a slight positive shift in their asset under management (AUM), increasing by 3% month-over-month to reach $233.0 billion. This growth was supported by a shift from net outflows to net inflows, breaking a long streak of 12 consecutive quarters of outflows.
Despite these improvements, the overall quarterly comparison shows a 1% decline in AUM, suggesting that while there are positive signs, challenges remain. The market and foreign exchange impacts were favorable, contributing to the net positive inflows. However, the fact that this is the first positive net flow after a prolonged period of outflows may imply caution, hence the Hold rating, as investors might want to wait for more consistent positive performance before making a strong buy decision.
In another report released today, KBW also maintained a Hold rating on the stock with a $57.00 price target.
LAZ’s price has also changed moderately for the past six months – from $44.470 to $53.620, which is a 20.58% increase.