Lazard (LAZ) Stock Looks Fully Priced Following Its 50% 3 Year Run

Lazard has seen a mixed share price path in recent years, and that raises a simple question for anyone looking at the stock today. Is the current valuation supported by what the business is actually earning? Over the past 3 years the stock has gained about 50.2%. That puts the focus squarely on whether that move lines up with the underlying earnings power of the advisory and asset management franchise. For a fee-based financial group like Lazard, revenue quality, cost discipline and how much...