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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.