UPDATE: Bank of America Downgrades Lazard to Neutral

According to Bank of America, Lazard

is downgraded to Neutral. Bank of America said that it is downgrading LAZ to Neutral on concern that near-term estimate pressure and possible negative 4Q comp. surprise will drag on shares. “We still believe that the shares have significant intermediate term value, but the current earnings issue probably limits upside for now.” Lazard closed yesterday at $27.53.