Citi Lowers Price Target On AllianceBernstein To $18

According to Citi, AllianceBernstein Holding

price target is lowered to $18. Citi said that the rating remains at Hold. “To reflect reduced flow/EPU prospects. To some extent the ~8.5% distribution yield should help bolster the stock. However, with mixed flow trends and nominal EPU growth projected, we see the stock working lower still. We would focus on BEN and BLK among global managers at present.” AllianceBernstein Holding closed yesterday at $19.45.