UPDATE: Citigroup Reiterates Neutral Rating, Raises PT on AllianceBernstein Holding LP Following 2Q EPU Beat

In a report published Thursday, Citigroup analyst William R. Katz reiterated a Neutral rating on

, and raised the price target from $20.00 to $21.00. In the report, Citigroup noted, “We maintain our Neutral rating but raise our target $1 to $21 on higher adjusted EPU estimates following modest 2Q EPU beat. We view the post quarter call as mixed around flows + margins, suggesting easier fundamental improvement now behind. At the margin, we believe attrition eased into July though see the update as more downbeat than robust improvements at WDR, IVZ, and AMG.” AllianceBernstein Holding LP closed on Wednesday at $22.20.