I wonder how many Columbia shares Lazard is short. They have no good reasons to downgrade the stock except that their trading desk is short.
That's the way it always works--downgrade after a stock has fallen, and upgrade it after it rises. In this case, Lazard probably had to sell some big blocks to institutions between 44 and 46.50. Now they are trying to move the stock lower so they can cover.
The beat goes on.
What a joke--downgrade a great stock at a ridiculously cheap valuation.