Lazard downgraded to Sell from Neutral at Goldman Sachs

Goldman Sachs downgraded Lazard to Sell from Neutral with a price target of $32, down from $37. The analyst believes near-term earnings at Lazard will face pressure, driven by a challenging sales trajectory and a longer path to margin improvement. The firm sees slower sales growth than at peers and notes the stock’s valuation is “slightly elevated.” Goldman says a more challenging revenue growth outlook and above-peer average deferred comp could keep Lazard’s costs elevated and thus limit operating leverage potential versus peers.