UBS analyst Brennan Hawken raised the firm’s price target on Lazard to $44 from $43 and keeps a Neutral rating on the shares. The analyst believes the worst of the “M&A drought is behind us,” but says the rally in the merger and acquisition boutiques reflects solid optimism but may be vulnerable to disappointing margin improvement. The firm sees elevated fixed compensation expenses tied to recruiting campaigns in 2022 and 2023 as well as a slower revenue recovery than currently hoped.
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