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    How Investors May Respond To Lazard (LAZ) As Goldman Sachs Reiterates Its Sell Rating

    Simply Wall St·04/03/2026 18:18:02
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    • Goldman Sachs recently reaffirmed its Sell rating on Lazard, signaling continued concern about the firm's financial advisory and asset management prospects.
    • This renewed negative stance highlights how influential analyst opinions can shape perceptions of Lazard’s business outlook and risk profile.
    • Next, we’ll examine how Goldman Sachs’ reiterated Sell rating might influence Lazard’s existing investment narrative and expectations around its expansion plans.

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    Lazard Investment Narrative Recap

    To own Lazard, you generally have to believe in the resilience of its advisory and asset management franchises despite cyclical swings and industry change. In the near term, the key catalyst is how effectively Lazard converts its advisory pipeline and asset management mandates into fees, while the biggest risk is pressure on margins from rising costs and competition. Goldman Sachs’ reaffirmed Sell rating and lower US$40.00 target sharpen focus on these issues but do not fundamentally alter that core thesis.

    Against that backdrop, Lazard’s continued share repurchases, with more than US$3.2 billion spent and over 82 million shares bought back under its long running authorization, stand out. This capital return program matters because it interacts directly with the cautious analyst sentiment, including Goldman Sachs’ view, by affecting per share metrics and how much flexibility Lazard has to fund expansion in advisory hires, international offices and new products without stretching its balance sheet.

    But while expansion spending and higher compliance burdens could pressure margins in ways investors should be aware of...

    Read the full narrative on Lazard (it's free!)

    Lazard's narrative projects $4.3 billion revenue and $707.7 million earnings by 2029. This requires 11.6% yearly revenue growth and roughly a $476.8 million earnings increase from $230.9 million today.

    Uncover how Lazard's forecasts yield a $56.89 fair value, a 37% upside to its current price.

    Exploring Other Perspectives

    LAZ 1-Year Stock Price Chart
    LAZ 1-Year Stock Price Chart

    Some of the lowest ranked analysts paint a far harsher picture for Lazard than consensus, even before Goldman’s cut, assuming revenue of about US$4.1 billion and earnings near US$687.0 million by 2028. If you worry about rising regulatory costs and fee pressure from passive investing, their view shows how sharply expectations can differ and why this latest Sell rating might eventually reshape both the bullish and bearish narratives.

    Explore 4 other fair value estimates on Lazard - why the stock might be worth just $53.00!

    Form Your Own Verdict

    Disagree with existing narratives? Extraordinary investment returns rarely come from following the herd, so go with your instincts.

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    This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.