Bank of America Merrill Lynch is out with its report today on AllianceBernstein AB, lowering its PO from $22 to $20.
In its report, Bank of America Merrill Lynch writes, "We are lowering our ‘11E and ‘12E by roughly 10% (annualized) driven mainly by higher than expected distribution and other expenses in 2Q. A higher blended fee rate is offset by an increase in projected outflows and sluggish Bernstein Research trading volumes. The lower estimates reduce our PO to $20 from $22."
Bank of America Merrill Lynch maintains Neutral on AB.
Shares of AB closed Friday at $17.00, down 3.90% from Thursday's close.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
date | ticker | name | Price Target | Upside/Downside | Recommendation | Firm |
---|
Posted In: Analyst ColorPrice TargetAnalyst RatingsAsset Management & Custody BanksBank of America Merrill LynchFinancials
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in