LAZ Clears Sale of Secondary Shares

Analysts at Bank of America Merrill Lynch maintain their “buy” rating on Lazard (NYSE: LAZ). The target price for LAZ is set to $48.

The ex-CEO of Lazard has sold a portion of his holdings in the company in a marketed transaction. Although the remaining ~15 million secondary shares held by his estate can be an overhang during 2010, LAZ’z fundamentals remain intact, Bank of America Merrill Lynch says.

Lazard is poised to benefit from the expected upturn in M&A activities, since it has one of the world’s best teams of advisory bankers. LAZ’s restructuring revenues continue to accelerate. Moreover, the company’s asset management division continues to enjoy healthy growth.