Lazard initiated with an Equal Weight at Wells Fargo

Wells Fargo analyst Michael Brown initiated coverage of Lazard with an Equal Weight rating and $51 price target. Lazard has an aspirational goal to double firm-wide revenue by 2030, notes the firm, which is “highly constructive” on Financial Advisory’s role in this target, but adds that the Asset Management business and its flow and profitability challenges “remain an uncertain, dark cloud.” The firm, which argues that the difference in the outlook for Advisory and Asset Management “couldn’t be more dramatic,” see limited ability for Lazard’s earnings and valuations to rise until the latter shows improvement.