Analyst Ryan Kenny of Morgan Stanley maintained a Sell rating on Lazard (LAZ – Research Report), retaining the price target of $33.00.
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Ryan Kenny has given his Sell rating due to a combination of factors impacting Lazard’s financial performance. The company reported significant net outflows of $3.6 billion for the quarter, which was more than double the consensus estimates, indicating a concerning trend in asset management. Additionally, the monthly net outflows accelerated in March to $3.1 billion, highlighting a potential ongoing issue with retaining assets under management.
While there was a slight positive in the average assets under management being 1.5% above consensus estimates, the overall market impact was negative, with a decline of $5.4 billion compared to the previous month. Furthermore, despite some growth in alternative assets, the overall financial outlook remains challenging, prompting the Sell rating. These factors combined suggest a cautious approach towards Lazard’s stock in the current market environment.
According to TipRanks, Kenny is an analyst with an average return of -3.4% and a 35.82% success rate. Kenny covers the Financial sector, focusing on stocks such as Lazard, Jefferies, and Evercore Partners.