Breakout Could Produce 10-Point Pop in This Financial Stock

Lazard appears to be forming a head-and-shoulders bottom

   

Lazard (NYSE:LAZ) — This financial advisory and asset management firm is seeing its investment banking unit improve as M&A and restructurings expand. Lazard expects to earn $2.17 in 2013, up from $1.10 in 2012.

On June 18, Trian Fund Management, run by the widely known activist investor Nelson Peltz, announced that it had accumulated a 5.1% ownership interest in LAZ shares, saying that it was their opinion that the shares were undervalued.

Technically the stock appears to be forming a head-and-shoulders bottom. A breakout through the neckline at $31 would produce a target of $39.

Trade of the Day – Lazard (NYSE:LAZ)
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Trade of the Day Chart Key


Article printed from InvestorPlace Media, http://investorplace.com/2012/10/trade-of-the-day-lazard-nyse-laz/.

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