CIti Upgrades AllianceBernstein Holding To Hold, Increases PT To $21.50 (AB)

Citi upgraded AllianceBernstein Holding AB to Hold from Sell and increased AllianceBernstein's price target to $21.50 from $20 in a research report published today. In the report, Citi states, "Two issues keep us cautious. First, 2011 is likely a transition year on flows, in our opinion. Second, strategic positioning still unclear with uneven LT performance record and ongoing professional turnover, which may result in further share erosion." Shares of AllianceBernstein were at $21.46 in after hours trading, up 0.61% from Thursday's market close.