Lazard upgraded to Equal Weight from Underweight at Morgan Stanley

Morgan Stanley analyst Ryan Kenny upgraded Lazard to Equal Weight from Underweight with a price target of $36, up from $29, after assuming coverage of the name. The analyst cites valuation for the upgrade, saying it will be supported by the Lazard’s high 6.3% dividend yield. In addition, Lazard’s skew to Europe, which reflects 40% of its M&A revenues, is a relative positive versus peers as U.S. recession risk rises in the near-term, the analyst tells investors in a research note.