EarningsDespite the strong performance, the stock's current trading at 17x+ estimated EPS suggests the risk/reward is fairly balanced, leading to a Market Perform rating.
GuidanceRevised guidance creates headline risk, still - New guidance assumes 11% Alts return for ATH's ~5% asset allocation for '24E, setting up for disappointment for three reasons.
Interest RatesLower rates could be a headwind for the retail annuity business, which has benefited from a higher rate environment.