UBS analyst Brennan Hawken downgraded Lazard to Neutral from Buy and lowered his price target to $36 from $43, saying the company's pipeline of advisory revenue has been "weak." The analyst further states that a "sufficient upward inflection" in activity is unlikely, keeping Lazard's advisory revenue growth this year constrained. Given his expected decrease in the availability of levered loan market financing, Hawken adds that Lazard may lose market share to "IBs that offer financing", also assigning "minimal risk" to the company pursuing an efficiency program that would boost its margins.