Morningstar Rating

Stock Research and Analysis

by Michael Wong, CFA, CPA

Bulls Say

Lazard has the largest geographic footprint among the independent financial advisory-focused investment banks and is well-positioned when global M&A accelerates.
Lazard has been consistently profitable in the past, and its diversified revenue streams should enable it to maintain profitability in the future.
The company is well recognized for its expertise in restructuring and therefore has some of the most stable revenue among investment banks during a recession. Read more 

Bears Say

Competition for investment banking talent could compress operating margins.
While generally a positive due to long-term higher economic growth trends, Lazard’s asset management business has a relatively high proportion of global exposure, which could cause its results to underperform more U.S.-focused asset managers in the near term.
A period of low economic growth could curb enthusiasm for M&A but not be poor enough to stoke demand for restructuring work. Read more 


Kenneth Jacobs has been chairman and CEO of Lazard since the end of 2009, after the passing of former chairman and CEO Bruce Wasserstein. Jacobs joined Lazard in 1988 and has held various positions at the company, including head of North America and   Read more 


Lazard has a storied history that can be traced back to 1848. The company focuses on merger and acquisition advisory, restructuring advisory, and asset management. Lazard   Read more 

This MLP Is Downturn-Ready 
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