LAZ Stock - Lazard Ltd
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Financial Statements
| Metric | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|
| Revenue | $3.09B | $2.55B | $2.83B | $3.27B | $2.64B |
| Gross Profit | $1.08B | $605.13M | $1.17B | $1.37B | $1.09B |
| Gross Margin | 35.1% | 23.7% | 41.4% | 42.0% | 41.3% |
| Operating Income | $386.47M | $-79,957,000 | $516.85M | $723.85M | $502.14M |
| Net Income | $279.91M | $-75,479,000 | $357.52M | $528.06M | $402.46M |
| Net Margin | 9.1% | -3.0% | 12.7% | 16.2% | 15.2% |
| EPS | $2.93 | $-0.90 | $3.68 | $4.90 | $3.69 |
Lazard Ltd, together with its subsidiaries, operates as a financial advisory and asset management firm in North America, Europe, Asia, Australia, and Central and South America. It operates in two segments, Financial Advisory and Asset Management. The Financial Advisory segment offers various financial advisory services regarding mergers and acquisitions, restructurings, capital advisory, shareholder advisory, capital raising, sovereign advisory, and other strategic advisory matters. This segment serves corporate, partnership, institutional, government, sovereign, and individual clients across various industry areas, including consumers, financial institutions, healthcare and life sciences, industrials, power and energy/infrastructure, and real estate, as well as technology, telecommunication, and media and entertainment. The Asset Management segment offers a range of investment solutions, and investment and wealth management services in equity and fixed income strategies; asset allocation strategies; and alternative investments and private equity funds to corporations, public funds, sovereign entities, endowments and foundations, labor funds, financial intermediaries, and private clients. The company was founded in 1848 and is based in Hamilton, Bermuda.
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Price Targets
Recent Analyst Actions
| Date | Firm | Action | Rating | Price Target |
|---|---|---|---|---|
| December 11th 2025 | UBS | Resumed | Neutral | $54 |
| October 3rd 2025 | BMO Capital Markets | Initiation | Market Perform | $56 |
| August 25th 2025 | Keefe Bruyette | Upgrade | Outperform | $65 |
| April 7th 2025 | Morgan Stanley | Downgrade | Underweight | $33← $56 |
| January 3rd 2025 | Wolfe Research | Downgrade | Peer Perform | - |
| December 20th 2024 | Keefe Bruyette | Downgrade | Market Perform | $57← $65 |
| December 9th 2024 | Morgan Stanley | Downgrade | Equal Weight | $63← $60 |
| September 12th 2024 | Wells Fargo | Initiation | Equal Weight | $51 |
| January 29th 2024 | Keefe Bruyette | Resumed | Outperform | $51 |
| January 3rd 2024 | Wolfe Research | Upgrade | Outperform | $42 |
| September 19th 2023 | Goldman | Downgrade | Sell | $32← $37 |
| July 13th 2023 | Keefe Bruyette | Upgrade | Market Perform | $36← $31 |
| July 12th 2023 | Morgan Stanley | Upgrade | Overweight | $43← $36 |
| July 3rd 2023 | Wolfe Research | Upgrade | Peer Perform | - |
| April 12th 2023 | Morgan Stanley | Upgrade | Equal Weight | $36← $29 |
Earnings History & Surprises
LAZEPS Surprise History
Quarterly EPS Details
| Period | Report Date | Estimated EPS | Actual EPS | Surprise | Result |
|---|---|---|---|---|---|
Q2 2026 | Apr 23, 2026 | — | — | — | — |
Q1 2026 | Jan 29, 2026 | $0.86 | — | — | — |
Q4 2025 | Oct 23, 2025 | $0.44 | $0.56 | +26.0% | ✓ BEAT |
Q3 2025 | Jul 24, 2025 | $0.38 | $0.52 | +36.8% | ✓ BEAT |
Q2 2025 | Apr 25, 2025 | $0.29 | $0.56 | +93.1% | ✓ BEAT |
Q1 2025 | Jan 30, 2025 | $0.69 | $0.78 | +13.0% | ✓ BEAT |
Q4 2024 | Oct 31, 2024 | $0.41 | $0.38 | -7.3% | ✗ MISS |
Q3 2024 | Jul 25, 2024 | $0.35 | $0.52 | +48.6% | ✓ BEAT |
Q2 2024 | Apr 25, 2024 | $0.58 | $0.66 | +13.8% | ✓ BEAT |
Q1 2024 | Feb 1, 2024 | $0.41 | $0.66 | +61.0% | ✓ BEAT |
Q4 2023 | Oct 26, 2023 | $0.19 | $0.10 | -47.4% | ✗ MISS |
Q3 2023 | Jul 27, 2023 | $0.11 | $0.24 | +118.2% | ✓ BEAT |
Q2 2023 | Apr 28, 2023 | $0.30 | $-0.26 | -186.7% | ✗ MISS |
Q1 2023 | Feb 2, 2023 | $0.81 | $0.69 | -14.8% | ✗ MISS |
Q4 2022 | Oct 27, 2022 | $0.81 | $1.05 | +29.6% | ✓ BEAT |
Q3 2022 | Jul 28, 2022 | $0.86 | $0.92 | +7.0% | ✓ BEAT |
Q3 2022 | Jul 28, 2022 | — | $0.89 | — | — |
Q2 2022 | Apr 28, 2022 | $0.88 | $1.05 | +19.3% | ✓ BEAT |
Q1 2022 | Feb 3, 2022 | $1.44 | $1.92 | +33.3% | ✓ BEAT |
Q4 2021 | Oct 29, 2021 | $0.95 | $0.98 | +3.2% | ✓ BEAT |
Latest News
Keefe, Bruyette & Woods Maintains Outperform on Lazard, Raises Price Target to $60
📈 PositiveMorgan Stanley Maintains Underweight on Lazard, Lowers Price Target to $61
📉 NegativeUBS Assumes Lazard at Neutral, Announces Price Target of $54
➖ NeutralLazard CEO Peter Orszag Says 2026 Is Shaping Up To Be A Strong Year For M&A; Private Equity Sponsors Will Become More Active In 2026; Sees "A Lot Of Momentum" On The Advisory Side Of The Business; Sees Positive Net Flows In Asset And Wealth Management In 2026; Expects More Growth In The Middle East; Says U.S. M&A Regulatory Environment Is Much More Accommodating; Having Insight Into Washington Is Important To Deals; Restructuring And Liability Management Will Stay Active Throughout 2026 And Beyond
📈 PositiveLazard Managing $250B in Assets After One Client Pulls $16.8B
📉 NegativeKeefe, Bruyette & Woods Maintains Outperform on Lazard, Lowers Price Target to $58
➖ NeutralLazard Q3 Adj. EPS $0.56 Beats $0.45 Estimate, Sales $724.653M Beat $719.464M Estimate
📈 PositiveKeefe, Bruyette & Woods Maintains Outperform on Lazard, Lowers Price Target to $60
➖ NeutralLazard Reports Preliminary September AUM Of ~$264.5B; Preliminary Average AUM For Quarter Ended September 30, 2025 Totals $257.4B
➖ NeutralBMO Capital Initiates Coverage On Lazard with Market Perform Rating, Announces Price Target of $56
➖ Neutral'Google Hired Lazard for Potential Ad Exchange Sale in 2020' -Bloomberg
➖ NeutralLazard Reports August Assets Under Management Of $258.4B With Modest Outflows
➖ NeutralMorgan Stanley Maintains Underweight on Lazard, Raises Price Target to $61
➖ NeutralLazard Asset Management Appoints Christopher Hogbin As CEO; Succeeds Evan Russo
➖ NeutralKeefe, Bruyette & Woods Upgrades Lazard to Outperform, Raises Price Target to $65
📈 PositiveAny Fed rate cut in 2025 is a bad sign, says Lazard CEO and former OMB director
📉 NegativeFrequently Asked Questions about LAZ
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