AllianceBernstein price target lowered to $38 from $44 at Evercore ISI

Evercore ISI analyst John Dunn lowered the firm’s price target on AllianceBernstein to $38 from $44 and keeps an Outperform rating on the shares. In terms of organic growth, January was "atypically and pleasantly positive," but then February saw a backslide and March was worse month-over-month, which "likely left most names in decay territory and behind the flow 8-ball for quarterly flow forecasts," the analyst tells investors in a preview note for the asset manger group. While flows may have been "light," the equity market being up a "healthy 7%" should help, the preview added.