Goldman Sachs raises Lazard stock price target on expense management
Goldman Sachs raised its price target for Lazard (NYSE:LAZ) to $35 from $32, maintaining a Sell rating. Lazard's Q3 2026 adjusted EPS of $0.36 missed estimates, with revenue 6% below expectations. Despite this, the company expects strong Financial Advisory performance and positive net organic flows in asset management. Goldman reduced its earnings estimates for 2026-2028 but increased its target P/E multiple.
How this was made
The 30-second read
Why it matters
Earnings miss and lowered guidance drive negative sentiment; the modest target raise is unlikely to offset the sell pressure.
Market read
The earnings shortfall and revised forecasts are the primary drivers of market reaction for Lazard.
What to watch
Potential upside from upcoming M&A activity and pipeline strength not fully reflected in the price target.
Background
Lazard reported Q3 2026 adjusted EPS of $0.36 versus expectations of $0.44, with revenue $814M versus $848.6M expected. Goldman cut its earnings forecasts for 2026‑2028 and raised the target price to $35 while maintaining a Sell rating.
Ticker impact
Goldman Sachs raised Lazard's price target to $35 after the company's Q3 earnings miss and lowered earnings estimates.
downward pressure as the market prices in the earnings shortfall and sell rating.
The earnings miss and reduced forecasts outweigh the modest target increase, likely prompting short-term sell-offs.
Market effects
Highlights pressure on financial advisory and asset‑management firms facing earnings volatility.
Limited to U.S. and European investors tracking Lazard.
Modest, confined to the investment banking sector.
Counterpoint
The higher target may signal undervaluation, offering a potential buying opportunity on dip.
Key entities
- companyLazard Ltd.
Global financial advisory and asset management firm.
- analystGoldman Sachs
Investment bank that issued the new price target and revised forecasts.
