KBW sees a rosy outlook ahead for shares of Lazard . The firm upgraded the bank stock to an outperform rating from market perform. Analyst Alex Bond also lifted his price target to $65 per share from $60, signaling roughly 16% upside from Friday’s close. Bond pointed to improving asset management inflows as a catalyst that could propel the investment bank higher. “Following July inflows of $4.5B, YTD inflows now total $1.5B, putting LAZ management’s stated ‘stretch goal’ of net neutral inflows in 2025 squarely in reach,” the analyst wrote. “While acknowledging that institutional flows can be lumpy, the improving sentiment towards international equities and LAZ’s $10B+ won-but-not-funded pipeline (as of 2Q25) are tailwinds that lead us to believe that inflows can continue.” LAZ YTD mountain LAZ YTD chart Lazard’s recent improvements in productivity, combined with its strong headcount growth, should also allow the firm to capitalize on this improving deal backdrop in both the U.S. and Europe, Bond added. “We think LAZ is well positioned for the next M & A cycle given the renewed focus on productivity and growth. We now see industry completed M & A volumes as a percentage of global market cap moving to 3.2% in 2026E, up from 2.5% in 2024 but still well below the trailing 10-year average of 4.8%,” he wrote. Shares of Lazard have popped 9% in 2025.
