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 $47, down from $62. The firm adjusted ratings in the asset managers and solutions providers space as part of a Q1 preview. Keefe prefers advisors with above-average exposure to large-cap and strategic mergers and acquisitions. Advisors most active in the large-cap strategic portion of the market are best positioned to generate stronger announcement activity, the analyst tells investors in a research note. Keefe sees more limited comp leverage at Lazard.