Market Overview

UPDATE: Bank of America Raises PO to $20 on AllianceBernstein on Tax Benefits

Related AB
Benzinga's Top Upgrades, Downgrades For April 12, 2017
One Of The World's Most Powerful Women, Fidelity Personal Investing President Kathleen Murphy, To Tell Her Story At The Benzinga Global Fintech Awards

Bank of America maintained AllianceBernstein (NYSE: AB) with an Underperform rating and raised the price target from $17.00 to $20.00.

Bank of America noted, "We are raising 13E by 6% due to a tax benefit and raising our PO to $20 as we roll our valuation forward to 2014. However 4Q operating results were basically in line and management noted that retail flows turned negative in January, a potentially negative inflection point which we think underscores AB's vulnerability to a fixed income correction or flow rotation. We maintain our Underperform rating given AB's 60% fixed income AUM and continued attrition in higher-fee assets such as private client and equity strategies."

AllianceBernstein closed at $20.66 on Tuesday.

Latest Ratings for AB

Apr 2017Keefe Bruyette & WoodsUpgradesMarket PerformOutperform
Nov 2016CitigroupDowngradesBuyNeutral
Oct 2016Keefe Bruyette & WoodsMaintainsMarket Perform

View More Analyst Ratings for AB
View the Latest Analyst Ratings

Posted-In: Bank of AmericaAnalyst Color Price Target Analyst Ratings


Related Articles (AB)

View Comments and Join the Discussion!