Lazard (LAZ) saw an unusual buy of 700 December $45 calls to open for $637,000 on 1/16, a name that sees very little options activity and a large trade. LAZ put in a big rebound candle last week finishing with a bull engulfing on the weekly. LAZ operates as a financial advisory and asset management firm in two segments, Financial Advisory and Asset Management. The Financial Advisory segment offers financial advisory services, such as mergers and acquisitions, capital markets, shareholder, sovereign, geopolitical advisory, and other strategic advisory services, as well as restructuring and liability management, and capital raising and placement services. The Asset Management segment offers a range of investment solutions; investment and wealth management services in equity and fixed income strategies; asset allocation strategies; and alternative investments and private equity funds to corporations, public funds, sovereign entities, endowments and foundations, labor funds, financial intermediaries, and private clients. LAZ has a $4.6B market cap and trades 13.7X Earnings, 9X FCF and 7.4X Book with a 3.9% dividend yield. LAZ FY25 estimates see 12.3% topline growth and 81.8% EPS growth and should see a boost from an improving M&A landscape. LAZ rallied last quarter on results as management guided the 2025 comp ratio at or below 60%, better than the Street expected. LAZ’s CEO has a focus on net zero flows in asset management by 2025, leveraging the firm’s geopolitical insights, and continued investment in talent to drive productivity improvements in the advisory segment. Lazard is focusing on four key components: market trends, optimizing existing products and strategies, migrating modalities and products, and investing in talent. Lazard is also expanding its presence in the private capital space, with the goal of increasing its exposure from around 20% of advisory revenue currently to 50% over the next several years.