TD Cowen last night downgraded AllianceBernstein (AB) to Hold from Buy with a price target of $38.50, up from $38. The price target aligns to the tender price announced by Equitable Holdings (EQH), the analyst tells investors in a research note. TD would not expect to see the tender price rise, thus capping residual upside in AllianceBernstein shares, particularly given what it believes is likely to be further reduction in an already low float. Further, the tender could increase turnover risk for AllianceBernstein, contends the firm.
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Read More on AB:
- AllianceBernstein downgraded to Hold from Buy at TD Cowen
- Equitable Holdings to purchase 46M units of AllianceBernstein at $38.50 per unit
- AllianceBernstein Faces Financial Exposure Due to Guarantees and Credit Lines
- AllianceBernstein reports preliminary AUM $809B as of January 31
- AllianceBernstein removed from ‘US 1 List’ at BofA
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