AllianceBernstein Bull Case Emerges After Stock Pullback: Expect Cost-Cutting Through 2025 By Benzinga

British Airways owner, nosedives as JPMorgan cuts rating, slashes target

AllianceBernstein Bull Case Emerges After Stock Pullback: Expect Cost-Cutting Through 2025

Published Sep 05, 2023 17:50 Updated Sep 05, 2023 19:10

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AllianceBernstein Bull Case Emerges After Stock Pullback: Expect Cost-Cutting Through 2025

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Benzinga - by Priya Nigam, Benzinga Staff Writer.

Shares of AllianceBernstein Holding LP (NYSE: AB) were climbing after the long Labor Day weekend, even as U.S. stocks opened Tuesday lower.

While there are several issues with the company, these are “minor,” making the recent correction in the stock “largely unwarranted,” according to BofA Securities.

The AllianceBernstein Analyst: Craig Siegenthaler upgraded the rating for AllianceBernstein from Neutral to Buy, while raising the price target from $36 to $47.

Check out other analyst stock ratings.

The AllianceBernstein Thesis: The stock has been “the worst-performing asset manager stock” over the past three months, Siegenthaler said in the upgrade note.

The analyst mentioned two reasons for the upgrade: the potential for a net flow reacceleration driven by large fixed-income reallocations in 2024 (after Fed “pause”) and savings led by cost-cutting through 2025

“Both AB’s robust fee rate trajectory and its strategic relationship with insurer EQH are partly underappreciated in our view,” he added.

AB Price Action: Shares of AllianceBernstein had risen by 2.92% to $32.12 at the time of publication Tuesday.

Read the original article on Benzinga

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