Lazard initiated with a Buy at BofA

BofA initiated coverage of Lazard (LAZ) with a Buy rating and $65 price target A more diversified business model than peers owing to a global asset management business, cyclical tailwinds to M&A activity and a turnaround effort kicked-off in 2023 that could be close to hitting an inflection are all reasons to add exposure to the stock, the analyst tells investors while initiating coverage on the boutique investment banks.