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FINWIRES

Research Alert: CFRA Maintains Hold Rating On Shares Of Lazard, Inc.

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-- CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:

We raise our target by $2 to $48, applying a forward P/E of 10.8x our 2027 earnings view vs. the peer average of 11.5x. We decrease our 2026 EPS by $0.58 to $3.02 and keep 2027's at $4.45. Our revenue forecasts are $3.33B (+10%) in 2026 and $3.93B (+18%) in 2027. While the Financial Advisory business saw a slight dip in revenue due to the timing of several large transactions, the Asset Management division posted its highest quarterly net inflows in nearly two decades. Strategically, LAZ announced the acquisition of Campbell Lutyens, a premier global private markets adviser, which will establish "Lazard CL" and position the firm as a leader in the high-growth primary and secondary advisory business. However, we note that, according to LSEG Data and Analytics, LAZ ranked #7 in global announced M&A deals, with a 2.2% decline in market share in Q1 2026. This continues a trend of market share erosion, and we believe LAZ must demonstrate an ability to reverse this trend to capitalize on an improving M&A cycle.

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