Keefe Bruyette upgrades Lazard on improving flow narrative

Keefe Bruyette analyst Alex Bond upgraded Lazard (LAZ) to Outperform from Market Perform with a price target of $65, up from $60. The shares can re-rate higher on the “shifting flow narrative” within Lazard’s asset management unit while the company’s recent productivity improvements and managing director headcount growth should allow it to capitalize on an improving deal backdrop, the analyst tells investors in a research note. Keefe believes the market is currently ascribing little to no value to Lazard’s asset management unit.