UPDATE: Credit Suisse Upgrades Lazard to Outperform, Lowers PT to $30
Credit Suisse raises its rating on Lazard (NYSE: LAZ) to Outperform from Neutral and adjusts its price target slightly down, to $30 from $30.50 per share, as it takes advantage of recent weakness in the stock's market value.
Credit Suisse says, "LAM Growth Story Is Intact. We believe the growth story underpinning Lazard Asset Management (70% of firm earnings today) is intact and remains under-appreciated by the market-we believe the LAM franchise is exceptionally well positioned to benefit from structural industry drivers (emerging markets, global investing) and will continue to be a share gainer given a solid track record and increasingly distracted competitive landscape."
LAM cosed at $23.38 per share on Friday.
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