What Happened?
Shares of financial advisory firm Lazard (NYSE: LAZ) jumped 3.3% in the afternoon session after analyst firm Keefe, Bruyette & Woods maintained its "Outperform" rating on the stock, signaling continued confidence. While the firm's analyst did lower the price target to $60.00 from $65.00, the market appeared to focus on the positive rating being upheld. This news followed a recent company update from a few days prior, where Lazard reported its preliminary assets under management (AUM) for September had risen to approximately $264.5 billion. The increase in AUM was attributed to market appreciation. The combination of the maintained positive analyst outlook and the recent growth in managed assets likely contributed to the stock's rise.
The shares closed the day at $49.18, up 2.9% from previous close.
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What Is The Market Telling Us
Lazard’s shares are somewhat volatile and have had 13 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business.
The previous big move we wrote about was 25 days ago when the stock gained 2.3% on the news that the company announced the appointment of Dr. Geoffrey Porges as a Managing Director in its Healthcare Advisory Group. Dr. Porges brought over 30 years of experience in the biopharmaceutical industry, having previously served as the Chief Financial Officer at Schrödinger. Lazard’s leadership stated that his deep understanding of the industry’s strategic landscape would help clients capitalize on growth opportunities. The appointment was seen as a move to strengthen the firm's competitive position in a key sector. This news landed in a receptive market, as broader investor sentiment was lifted after the Federal Reserve announced its first interest rate cut of the year, pushing Wall Street to open at higher levels.
Lazard is down 3% since the beginning of the year, and at $49.20 per share, it is trading 19.4% below its 52-week high of $61.01 from November 2024. Investors who bought $1,000 worth of Lazard’s shares 5 years ago would now be looking at an investment worth $1,343.
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