Lazard Rating Increased to Conviction-Buy at Goldman Sachs (LAZ)
Lazard (NYSE:LAZ) was upgraded by Goldman Sachs from a “neutral” rating to a “conviction-buy” rating in a research note issued on Monday, TheFlyOnTheWall.com reports. The firm currently has a $45.00 target price on the stock, up from their previous target price of $36.76. Goldman Sachs’ price objective would indicate a potential downside of 9.60% from the company’s current price.
Lazard (NYSE:LAZ) traded up 1.43% during mid-day trading on Monday, hitting $49.78. 883,689 shares of the company’s stock traded hands. Lazard has a 1-year low of $30.63 and a 1-year high of $50.61. The stock’s 50-day moving average is $47.78 and its 200-day moving average is $44.91. The company has a market cap of $6.114 billion and a P/E ratio of 28.97.
Lazard (NYSE:LAZ) last issued its quarterly earnings data on Thursday, May 1st. The company reported $0.61 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.54 by $0.07. The company had revenue of $540.00 million for the quarter, compared to the consensus estimate of $514.80 million. During the same quarter last year, the company posted $0.28 earnings per share. Lazard’s revenue was up 30.4% compared to the same quarter last year. On average, analysts predict that Lazard will post $2.74 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Friday, May 23rd. Shareholders of record on Monday, May 12th will be paid a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 2.41%. The ex-dividend date is Thursday, May 8th.
Lazard Ltd (NYSE:LAZ) is holding company.
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