AllianceBernstein Holding PT Raised to $20.00 (AB)
Stock analysts at Bank of America upped their price objective on shares of AllianceBernstein Holding (NYSE:AB) to $20.00 in a report issued on Wednesday. Bank of America’s target price suggests a potential downside of 15.25% from the stock’s previous close.
The analysts wrote, “We are raising 13E by 6% due to a tax benefit and raising our PO to $20 as we roll our valuation forward to 2014. However 4Q operating results were basically in line and management noted that retail flows turned negative in January, a potentially negative inflection point which we think underscores AB’s vulnerability to a fixed income correction or flow rotation. We maintain our Underperform rating given AB’s 60% fixed income AUM and continued attrition in higher-fee assets such as private client and equity strategies.”
AllianceBernstein Holding (NYSE:AB) traded down 0.51% on Wednesday, hitting $23.60. The stock had a trading volume of 274,194 shares. AllianceBernstein Holding has a 52 week low of $18.77 and a 52 week high of $26.69. The stock’s 50-day moving average is $24.77 and its 200-day moving average is $23.34. The company has a market cap of $2.271 billion and a price-to-earnings ratio of 13.89.
AllianceBernstein Holding (NYSE:AB) last issued its quarterly earnings data on Wednesday, April 30th. The company reported $0.39 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.41 by $0.02. The company had revenue of $715.00 million for the quarter, compared to the consensus estimate of $723.35 million. During the same quarter in the previous year, the company posted $0.38 earnings per share. The company’s revenue for the quarter was up .7% on a year-over-year basis. On average, analysts predict that AllianceBernstein Holding will post $1.73 earnings per share for the current fiscal year.
AllianceBernstein Holding L.P provides research, diversified investment management and related services globally to a range of clients through three buy-side distribution channels, Institutions, Retail and Private Client, and its sell-side business, Bernstein Research Services.
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.