Morgan Stanley Closes Research Tactical Idea on AllianceBernstein

Morgan Stanley has closed its research tactical idea on AllianceBernstein

after the stock moved according to expectations. In the report, Morgan Stanley writes, "This Research Tactical Idea is closed because the stock price has moved according to our expectations. Our negative RTI was based on our expectation that consensus EPS on Alliance Bernstein (

) would be revised downwards, which has since happened (4Q11 consensus down to $0.20 vs $0.27 previously, FY12 down to $1.12 vs $1.18 previously). AB shares have underperformed the benchmark during this time frame as a result, and while we maintain our Underweight rating (and our 2012 EPS number remains below consensus), the shorter-term catalyst has largely played out, in our view." Morgan Stanley's opening of the research tactical idea can be viewed

.