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AllianceBernstein (NYSE:AB) was lifted to Outperform from Neutral, with its price target raised to $43.50 from $32 at Credit Suisse on Monday.
Analysts said AllianceBernstein is “too good a story to ignore” following better-than-expected 4Q22 results and a comprehensive model refresh.
They pointed to several themes for the stock into 2023/2024, including more favorable organic growth prospects likely led by strong alternatives growth.
The firm also believes that AB may be a beneficiary of active fixed income allocations against more checkered potential elsewhere, while the firm sees several potent margin levers through 2025 for the company.
Furthermore, the analysts stated that the base fee rate is likely to grind higher versus likely further sector contraction, while 2023-24 consensus estimates seem rational/moderately low, and the company’s model continues to migrate to a higher multiple outcome.
AllianceBernstein shares closed Friday’s session down more than 1%, although the stock has gained over 13% so far in 2023.
