Barclays analyst Benjamin Budish reinstated coverage of AllianceBernstein (AB) with an Equal Weight rating and $34 price target following the cash tender offer initiated by the company’s partner, Equitable Holdings. The firm says the primary change in its model is a decrease in the share count following the tender offer.
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Read More on AB:
- AllianceBernstein downgraded to Neutral from Buy at BofA
- Equitable Holdings upgraded to Buy from Neutral at UBS
- Equitable announces extension of cash tender offer for AllianceBernstein units
- AllianceBernstein Appoints Thomas Simeone as CFO
- AllianceBernstein reports preliminary AUM $805B as of February 28
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