Lazard (NYSE:LAZ) share fell more than 2% intra-day today after Goldman Sachs analysts downgraded the company to Sell from Neutral, setting a price target of $32.00, down from $37.00.

The analysts believe that Lazard’s valuation is slightly elevated compared to its historical average, despite trading in line with peers. Given the company’s challenging growth outlook, particularly in the near term, the analysts see this valuation as concerning.

Lazard’s current valuation is at Goldman’s 9.5x Q5-Q8 EPS estimates, similar to its historical average, while peers trade at a 1.3x premium above their historical average.

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