BofA downgraded AllianceBernstein (AB) to Neutral from Buy with a price target of $38, down from $42. The firm reduced its 2027 estimates by 9% due to negative markets and softer organic growth. AllianceBernstein’s “significant” operating leverage opportunity is mostly done and BofA is more concerned that recent events would make the stock “harder for investors to own,” the analyst tells investors in a research note. These events include no C-Corp conversion, the EQH Dutch auction, and the CFO resignation.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on AB:
- Equitable Holdings upgraded to Buy from Neutral at UBS
- Equitable announces extension of cash tender offer for AllianceBernstein units
- AllianceBernstein Appoints Thomas Simeone as CFO
- AllianceBernstein reports preliminary AUM $805B as of February 28
- Block upgraded, Domino’s downgraded: Wall Street’s top analyst calls