While We Remain Cautious on 2017 Investment Banking, Lazard Trades at an Attractive Price
Lazard reported strong revenue in the second half of 2016, and management seems somewhat optimistic about the first half of 2017, but we’re skeptical regarding strong 2017 revenue growth for investment banks. If we were to compare the possible first half of 2017 for Lazard with the first half of 2016, we would agree with management that it will probably be better. This is because the first half of 2016 was rather weak, lower than the first halves of 2015 and 2014. It took second-half 2016 revenu...
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