We’re Lowering Our Near-Term Forecast for Lazard but Believe There's More Juice to This Cycle
We assess that narrow-moat Lazard's shares are moderately undervalued, as negative sentiment has expanded from half of its business to its whole business. The previous quarter, we remarked that the company's shares were likely under pressure, due to its asset-management business. Now, not only have stocks with asset-based fees been declining, but the future earnings of merger advisory firms are being called into question from a third-quarter slowdown and macro concerns that can weigh on future d...
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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