In a report published Friday, Bank of America analyst Michael Carrier upgraded the rating on AllianceBernstein Holding LP AB from Underperform to Neutral, and raised the price target from $27.00 to $29.00.
In the report, Bank of America noted, “We are upgrading AB to Neutral from Underperform based on areas of improving performance, decent flows/organic growth, and an attractive yield, partially offset by some remaining performance issues and concentration risk. Our estimates remain unchanged, but our PO moves up to $29 on a higher multiple, in-line with a better organic and earnings growth outlook.”
AllianceBernstein Holding LP closed on Thursday at $27.22.
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