Lazard price target lowered to $40 from $46 at Goldman Sachs

Goldman Sachs lowered the firm’s price target on Lazard (LAZ) to $40 from $46 and keeps a Buy rating on the shares. Investment bank stocks have priced in macro and geopolitical risks, falling 18% year to date and underperforming the S&P 500, primarily due to multiple derating, the analyst tells investors in a research note. While some areas of the cycle are slowing, segments like large-cap strategic M&A remain resilient and others, including secondaries advisory and restructuring, are growing, yet overall conditions remain challenging after the sell-off, Goldman says.