UPDATE: Bank of America Merrill Lynch Lowers PO on AllianceBernstein to $20

Bank of America Merrill Lynch is out with its report today on AllianceBernstein

, lowering its PO from $22 to $20. In its report, Bank of America Merrill Lynch writes, "We are lowering our ‘11E and ‘12E by roughly 10% (annualized) driven mainly by higher than expected distribution and other expenses in 2Q. A higher blended fee rate is offset by an increase in projected outflows and sluggish Bernstein Research trading volumes. The lower estimates reduce our PO to $20 from $22." Bank of America Merrill Lynch maintains Neutral on AB. Shares of AB closed Friday at $17.00, down 3.90% from Thursday's close.