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Fly News Breaks for January 26, 2020
Jan 26, 2020 | 17:35 EDT
Keefe Bruyette analyst Michael Brown upgraded Lazard (LAZ) to Outperform from Market Perform with a price target of $48, up from $40. The stock closed Friday down 47c to $41.92. The company has shown the strongest deal flow in recent months and is best positioned to benefit from the recent increase in European deal activity, Brown tells investors in a research note. Further, following recent inflows and a shift in investor sentiment toward emerging markets strategies, Lazard's asset management business could shift from a headwind to a tailwind, the analyst adds. He expects this momentum to lift the company's earnings and shares higher. Brown tonight also downgraded Houlihan Lokey (HLI) to Market Perform and upgraded Moelis (MC) to Outperform.
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