Oppenheimer Says Lazard Had "Perfect Quarter" (LAZ)

Oppenheimer & Co. is out with a research report on Lazard LAZ after the company reported earnings. It rates shares at Perform. In a note to clients, Oppenheimer writes, "Lazard put up an exceptional 4Q10 result in which almost every major revenue category beat on the upside and the compensation ratio beat as well. M&A revenues, corporate finance, AUM, base management fees and incentive fees all beat on the upside. The only adverse item was that restructuring revenues fell somewhat more rapidly than expected as the economy recovers. On balance, however, LAZ is a major beneficiary of economic recovery and this quarter's results are very encouraging. We should note, however, that 4Q results are typically seasonally strong--lots of deals close at year-end and that is when most incentive fees are paid. Thus, one should not just multiply 4Q by four. We view the stock as fairly valued." Shares of LAZ gained $1.49 to $44.25, a gain of 3.5%.