Morgan Stanley analyst Ryan Kenny lowered the firm’s price target on Lazard (LAZ) to $59 from $61 and keeps an Underweight rating on the shares after updating estimates to reflect the latest Q4 public deal data. The firm is lowering its Q4 EPS estimate by 38% to 60c, putting it 27% below current consensus EPS of 82c for the quarter, mainly on lower Advisory revenue, partially offset by lower comp expenses, the analyst tells investors in a preview.
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