Citi Reiterates Hold Rating On Lazard

According to Citi, Lazard LAZ Hold rating is reiterated. Citi said that, given slowing announced M&A volumes, macro weakness, and lower global equity markets, we trim our LAZ ests for 2011 by $0.25 to $2.25 (vs cons of $2.47), 2012 by $0.35 to $2.75 (vs cons of $3.07) and 2013 by $0.45 to $2.85 (vs cons of $3.30). “Given our lower estimates we lower our target price to $42. Reiterate Hold given valuation looks inline trading at ~16x our fwd 12 mo estimates and fair in the context of relatively conservative SOTP analysis.” Lazard closed yesterday at $37.44.