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

Bank of America maintained AllianceBernstein

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.