LA LAZ Lazard, Inc. Loading... : Bullish and Bearish Analyst Opinions

Watch large-cap advisory firms for an M&A upturn signaled by Goldman's record backlog and fee growth.

Watch these financial services beneficiaries of the GAI buildout; no author position disclosed, treat as research basket.

Watch as beneficiaries of AI infrastructure financing. The author maps direct and fee-pool exposure across alternative managers, banks, boutiques, and ratings firms. No ownership stated.

Rogers identifies Financial Services as undervalued. Specifically names Carlyle (CG) as trading at ~10x earnings with less software exposure than peers. Names Lazard (LAZ) as a beneficiary of M&A/Spinoff activity. Names JLL for real estate complexity. The market hates financials due to rate fears and commercial real estate panic. However, M&A is rebounding (Lazard), and private equity firms that avoided the software bubble (Carlyle) are mispriced relative to their earnings power. LONG Value Financials. M&A cycle stalls; commercial real estate collapse deepens.

Rogers calls Financial Services "extremely cheap." He explicitly praises Lazard (LAZ) for M&A potential in a deregulated environment and Carlyle (CG) as oversold due to exaggerated private credit fears. Rogers believes the Trump administration (implied by "deregulated environment") will fuel deal-making. If rates come down (which he predicts the Fed will do to please the President), M&A activity explodes, directly benefiting advisory firms like Lazard and asset managers like Carlyle. LONG. A contrarian value play against the tech-heavy index. A "small recession" at year-end (which Rogers predicts) could freeze deal flow.