UPDATE: Citigroup Reiterates Neutral Rating, Raises PT on Lazard

In a report published Monday, Citigroup reiterated its Neutral rating on Lazard Ltd.

, and raised its price target from $29.00 to $34.00. Citigroup noted, “Overall M&A activity is tracking to be relatively weak – but inline with relatively low expectations – with Dealogic estimates pointing to a roughly ~20% q/q drop in M&A and Advisory revenues inline with our $156 million forecast. On a volume basis LAZ completed deals are tracking down about -25% q/q vs an -18% drop for the industry. We expect Restructuring and Capital Markets & Other will also remain relatively weak – similar to levels in 2Q given as we see restructuring approaching the lows of the cycle (as US workouts decline and Europe has failed to add much yet with the exception a few Italian and Spanish announcements this summer). Similarly, Capital Markets (which includes private equity placement fees and direct private placement issuance) continues to be impacted by lower activity levels.” Lazard Ltd. closed on Friday at $30.98.