BofA Securities has commenced coverage of Lazard (NYSE:LAZ) with a Buy rating and established a $65.00 price target, representing roughly a 27% upside relative to the stock's then-current quote of $51.37.
The initiation draws attention to Lazard's more diversified business mix versus many of its advisory peers, with BofA noting that global asset management accounts for about 40% of the firm's total revenues. The investment bank also identified cyclical support for merger-and-acquisition activity as a constructive force for both Lazard's financial advisory and asset management operations.
On capitalization and shareholder returns, BofA's note references a market capitalization of $4.87 billion and points out that Lazard has paid dividends for 21 consecutive years, yielding 3.89% as reported in InvestingPro data.
Assets under management and recent appointments
Lazard reported assets under management of approximately $254.3 billion as of December 31, 2025, up from $250.8 billion in November. The firm attributed the increase to $2.2 billion of market appreciation and $1.5 billion of foreign exchange gains, partially offset by net outflows of $0.3 billion. In a personnel move tied to its investment platform, Lazard Asset Management appointed Eric Van Nostrand as its first Chief Investment Officer.
Separately, the company added three managing directors to its Global Industrials Group, a step described as intended to strengthen advisory capabilities across sectors including diversified industrials and aerospace and defense.
Strategic initiatives and analyst positioning
BofA's research also referenced the "Lazard 2030" turnaround initiative launched under CEO Peter Orszag in 2023, suggesting the program may be nearing an inflection point. The bank expressed optimism that Lazard's shares could outperform peers, noting the stock has underperformed relative to competitors over one-, three- and five-year horizons.
In other analyst activity, UBS initiated coverage on Lazard with a Neutral rating and a $54 price target. UBS analyst Michael Brown indicated he expects managing director productivity in Lazard's Financial Advisory segment to rise, while observing that consensus estimates already incorporate this anticipated improvement.
Outlook
BofA's Buy initiation rests on Lazard's revenue diversification through asset management, cyclical improvements in M&A markets, and the potential progress of the company's turnaround agenda. At the same time, UBS's Neutral stance and the note that productivity gains are reflected in consensus illustrate differing analyst perspectives on near-term upside potential.