Lazard (LAZ) Jumps Higher Amid Intraday Oppenheimer Upgrade

After trading in the red for much of this morning, shares of Lazard (NYSE: LAZ) have spiked sharply into positive territory amid an intraday analyst upgrade. The stock most recently traded at $40.17, now up 1.3% from yesterday's close.

Oppenheimer raised its investment rating on shares of Lazard from Market Perform to Outperform. The firm kept its price target on the stock at $45, which represents potential upside of about 12%.

The upgrade follows news this morning that Lazard has named Ken Jacobs as its next Chairman and CEO. Oppenheimer said that "Lazard can get back to business now that its chosen a successor to the late Bruce Wasserstein." The firm also noted that the relatively quick succession announcement is evidence that "key personnel are on board."

To see all the upgrades/downgrades on shares of Lazard in real-time as they are issued, visit our Analyst Ratings page.

Lazard Ltd, through its subsidiaries, operates as a financial advisory and asset management firm worldwide.

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