AllianceBernstein Bull Case Emerges After Stock Pullback: Expect Cost-Cutting Through 2025
Portfolio Pulse from Priya Nigam
AllianceBernstein Holding LP (NYSE:AB) shares are climbing after a long Labor Day weekend. BofA Securities analyst Craig Siegenthaler upgraded the rating for AllianceBernstein from Neutral to Buy, raising the price target from $36 to $47. The upgrade is due to the potential for a net flow reacceleration driven by large fixed-income reallocations in 2024 and savings led by cost-cutting through 2025.
September 05, 2023 | 4:50 pm
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POSITIVE IMPACT
AllianceBernstein's stock has been upgraded by BofA Securities from Neutral to Buy, with a raised price target from $36 to $47. This is due to potential net flow reacceleration and cost-cutting through 2025.
The upgrade in AllianceBernstein's stock rating by BofA Securities is a positive signal to investors, indicating increased confidence in the company's future performance. The raised price target also suggests a higher expected return, which could attract more investors and drive the stock price up in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100