AllianceBernstein price target lowered to $33 from $35 at Jefferies

Jefferies analyst Daniel Fannon lowered the firm’s price target on AllianceBernstein to $33 from $35 and keeps a Hold rating on the shares. In an earnings preview for the asset manager group, the analyst notes that the firm’s Q2 EPS estimates have been increased by 3.6% on average, while its full year 2023 EPS estimates are up by about 1.3%, pointing to positive beta as the primary factor for the estimate increases.