UPDATE: Credit Suisse Upgrades AllianceBernstein to Outperform on Margin and Net Flow Upside

Credit Suisse raised its rating on AllianceBernstein AB from Neutral to Outperform and increased its price target from $14.50 to $16. Credit Suisse commented, "AB Has Improved Its Net Flow Drivers: AB has significant improved both its aggregate relative fund performance, and upgraded / widened its product offering - especially into high growth segments like balanced and high yield fixed income. We think these two fundamental drivers have supported the recent advancement in AB's (1) institutional pipeline (leading indicator for institutional flows), (2) overall sales, and (3) overall redemption levels. Also, we believe investors are under-appreciating the potential for both fee rate expansion, and margin improvement." AllianceBernstein closed at $12.81 on Wednesday.