KBW Reiterates Outperform on Lazard

KBW is out with its report today on Lazard LAZ, reiterating Outperform. In a note to clients, KBW writes, "LAZ shares are down 8.4% MTD and trade at just 15.6x our 2011E & less than 12x 2012E; we strongly reiterate our Outperform rating and $52 SOTP price target. There have been 14 deals announced this month alone which has been pretty steady. While 2Q11 AUM growth may be muted given turbulent global markets, flows have been positive for 8 cons. qtrs & margin improvement is noteworthy." Shares of LAZ closed Tuesday at $37.57, up 1.02% from Monday's close.