Lazard downgraded to Peer Perform from Outperform at Wolfe Research

Wolfe Research downgraded Lazard (LAZ) to Peer Perform from Outperform without a price target as part of a 2025 playbook for the brokers, asset managers, and exchanges. The firm is “getting selective as valuations look stretched.” After a “banner year” for financials, Wolfe is most positive on names with secular growth stories and exposure to “Trump tailwinds,” the analyst tells investors in a research note. The firm says Lazard’s asset management is “structurally challenged” and its Europe gearing poses risk to consensus estimates.