Lazard downgraded to Market Perform from Outperform at Keefe Bruyette

Keefe Bruyette downgraded Lazard (LAZ) to Market Perform from Outperform with a price target of $57, down from $65. The firm says that despite recent volatility, with credit spreads widening off of 17-year lows, it expects a constructive economic backdrop in 2025 with durable growth and relatively benign credit. Keefe shifted its preferences in the merger and acquisition independents space, with a downgrade of Lazard and upgrade of Evercore.