Citi Lowers Estimates On AllianceBernstein Holding

According to Citi, AllianceBernstein Holding AB estimates are lowered. Citi said that the Hold rating is maintained. “While disclosure is incrementally negative and we see nearly 10% stock price downside risk, a nearly 8% annualized distribution yield keeps us from a Sell. However, the shares trade at a similar multiple to key peers, which seems optimistic in light of mixed to negative flow trends.” AllianceBernstein Holding closed yesterday at $19.88.