UPDATE: Bank of America Upgrades AllianceBernstein Holding LP to Neutral, Raises PT on Multiple Positive Factors

In a report published Friday, Bank of America analyst Michael Carrier upgraded the rating on

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.