Lazard

LAZ · NYSE

$36.67+$1.06 (+2.98%)TodayMarket closed · Oct 20, 7:30 PM ET

Prev close $35.61

LAZ analyst rating

HoldConsensus of 7 analysts over the last 12 months. 29% rate it a buy.

Strong buy0
Buy2
Hold2
Underperform1
Sell2

12-month price target · 10 analysts

Average $47.56 (+29.7% upside)

Low: $36.36
Now: $36.67
High: $63.00

Upgrades and downgrades

The latest rating actions, newest first

LAZ analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Goldman Sachs	Oct 13, 2026	Maintains	Sell	$36.00 → $32.00	50%
Morgan Stanley	Oct 8, 2026	Maintains	Underweight	$44.00 → $41.00	40%
UBS	Oct 7, 2026	Maintains	Neutral	$44.00 → $40.00	43%
Goldman Sachs	Oct 1, 2026	Maintains	Sell	$42.00 → $36.00	67%
Keefe, Bruyette & Woods	Jul 24, 2026	Maintains	Market Perform	$44.00 → $42.00	21%
Keefe, Bruyette & Woods	Jul 10, 2026	Maintains	Market Perform	$49.00 → $44.00	21%
Morgan Stanley	Jul 9, 2026	Maintains	Underweight	$53.00 → $47.00	40%
Argus Research	May 5, 2026	Maintains	Buy	$63.00 → $52.00	66%
UBS	May 4, 2026	Maintains	Neutral	$45.00 → $44.00	43%
Keefe, Bruyette & Woods	May 4, 2026	Maintains	Market Perform	$47.00 → $49.00	21%

The case for and against

Updated Feb 9, 2026

Bull case

Lazard Inc. has demonstrated a robust public pipeline, increasing by 8.2% compared to the end of the second quarter, in contrast to a 6.7% decline among peers, indicating strong growth potential. The firm is also experiencing positive deal sentiment, with year-over-year announcements increasing by 26% in Europe and 32% in the U.S. for the third quarter to date, reflecting improved market conditions. Furthermore, the acceleration in managing director hires positions Lazard favorably to meet or exceed its target of adding 10-15 net managing directors annually by 2025, suggesting ongoing expansion and strengthening of its advisory capabilities.

Bear case

Lazard Inc. faces a negative outlook primarily due to a downside scenario where a stalled M&A recovery may lead to lower revenues and a higher compensation ratio, aligning the 2026 operating backdrop more closely with that of 2024. The recent decline of the "exceptionalism" trade, coupled with persistently elevated sentiment around international securities following years of underperformance, suggests challenges for its asset management segment, which is heavily equity-driven. Furthermore, despite potential structural tailwinds in the global equities market, the firm's financial standing remains vulnerable to broader economic conditions, negatively impacting its earnings potential.

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