Fly News Breaks for November 20, 2019
Nov 20, 2019 | 07:36 EDT
Morgan Stanley analyst Manan Gosalia initiated coverage of Lazard with an Underweight rating and $35 price target. In the Advisory business, which makes up 55% of revenues, Lazard has been losing share due to fewer deal wins in the U.S. and a skew toward Europe, Gosalia tells investors. In Asset Management, institutional investors have been driving net outflows for two years and the analyst sees "few signs of abatement" of this trend.
News For LAZ From the Last 2 Days