Overview

• Lazard Q3 adjusted net revenue of $725 mln, up 12% yr/yr

• Adjusted EPS for Q3 beats consensus, reflecting effective operational management

• Record Asset Management inflows with positive net flows of $1.6 bln in Q3

Outlook

• Lazard anticipates a constructive environment for its businesses

• Company expects further progress with new Asset Management CEO

Result Drivers

• FINANCIAL ADVISORY GROWTH - Record Financial Advisory revenue driven by significant M&A transactions, including Keurig Dr. Pepper's acquisition of JDE Peet's

• ASSET MANAGEMENT INFLOWS - Record Asset Management inflows with positive net flows of $1.6 billion in Q3, supported by market appreciation and net inflows

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 4 "strong buy" or "buy", 4 "hold" and 2 "sell" or "strong sell"

• The average consensus recommendation for the investment management & fund operators peer group is "buy."

• Wall Street's median 12-month price target for Lazard Inc is $58.00, about 12.2% above its October 21 closing price of $50.92

• The stock recently traded at 14 times the next 12-month earnings vs. a P/E of 16 three months ago

Press Release: ID:nBw4S1lfMa

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)