Tiger Brokers

BUZZ-Lazard rises after KBW upgrades to 'outperform'

Reuters
Aug 25
BUZZ-Lazard rises after KBW upgrades to 'outperform'

** Investment bank Lazard's LAZ.N shares rise 1.5% to $56.85 after brokerage KBW upgrades stock rating to "outperform" from "market perform"

** KBW also lifts PT to $65 from $60, 16% upside to stock's last close

** Brokerage says stock has potential to climb higher on continued inflows within LAZ's asset management arm

** Says market is currently ascribing little to no value to LAZ's asset management unit

** Recent improvements in productivity and managing director headcount growth should also allow LAZ to capitalize on improving backdrop in both U.S. and Europe, KBW says

** 4 of 9 brokerages rate stock "buy" or higher, 3 "hold" and 2 "sell"; median PT $51 - data compiled by LSEG

** As of last close, LAZ shares up 8.8% YTD

(Reporting by Arasu Kannagi Basil in Bengaluru)

((ArasuKannagi.Basil@thomsonreuters.com))

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