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Bank of America lowered its rating on AllianceBernstein Holding LP
AB from Neutral to Underperform on valuation while raising its price objective from $14 to $15.50 to reflect the broad recent equity rally.
Bank of America said, "AB shares have appreciated 28% since July. As expected, flows appeared to improve as JV-related outflows subsided and fixed income inflows continued. Upside from here however appears limited given our view of 1) the negative mix shift continues, as outflows continue in equities; 2) AB is now predominantly a bond manager, giving it less upside in equity rallies; 3) equity performance has improved to above average in 3QTD, but still lags on 1, 3, and 5 year periods. We also expect low trading volumes will pressure 3Q institutional services revenues."
AllianceBernstein Holding LP closed at $15.56 on Wednesday.
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