Lazard's Shares Are Being Weighed Down by Macro Concerns; Shares Moderately Undervalued
Despite decent 2018 results, narrow-moat Lazard's shares are being weighed down by macroeconomic concerns. Looking at the company's most recent results, the back half of last year played out largely as expected with revenue up 1% when compared with the second half of 2017, but down 13% compared when compared with the first half of 2018. While last year started off on a high note with generally positive economic sentiment amid the benefits expected from the decrease in the U.S. corporate tax rate...
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