AllianceBernstein price target lowered to $40 from $46 at BofA

BofA analyst Craig Siegenthaler lowered the firm’s price target on AllianceBernstein (AB) to $40 from $46 and keeps a Buy rating on the shares. Over the last two weeks, five traditional asset managers reported monthly assets under management and, on average, December net flows declined month-over-month with one of the five generating positive flows for the month while four others reported net outflows, the analyst tells investors. However, the firm expects a reversal in seasonality to benefit flows in January, the analyst added in a monthly recap note for the asset manager group.