Lazard price target lowered to $36 from $44 at Argus

Argus analyst Stephen Biggar lowered the firm’s price target on Lazard to $36 from $44 and keeps a Buy rating on the shares. The company’s Q3 earnings missed expectations amid a sharp drop in financial advisory fees, though the management was optimistic that the worst of the M&A slowdown was behind, noting a more constructive dialogue with customers, the analyst tells investors in a research note. As the M&A recovery takes longer to materialize, the firm is also lowering its 2024 EPS view to $3.03 from $3.56.