Goldman Sachs Maintains "Sell" Rating on Lazard (NYSE: LAZ) Despite Price Target Increase

Core Viewpoint - Goldman Sachs maintains a "Sell" rating for Lazard while raising its price target from $45 to $46, indicating mixed market sentiment despite strong financial performance [1][5]. Financial Performance - Lazard reported third-quarter earnings with an EPS of $0.56, exceeding the Zacks Consensus Estimate of $0.41, marking a 47.37% increase from $0.38 in the same quarter last year [2][5]. - The company's revenue for the quarter was $724.65 million, surpassing the Zacks Consensus Estimate by 3.85% and showing a significant increase from $645.91 million in the same period last year [2][5]. Market Trends - Lazard's strong performance is attributed to a resurgence in dealmaking activities, which has positively impacted its financial results and reflects a broader recovery in the financial sector [3]. - Despite the positive earnings report, Lazard's stock price decreased by 1.35% to $49.12, with fluctuations during the trading day between a low of $47.37 and a high of $52 [4]. Stock Performance - Over the past year, Lazard's stock has experienced a high of $61.14 and a low of $31.97, with a current market capitalization of approximately $4.63 billion [4].