AllianceBernstein price target lowered to $39 from $40 at TD Cowen

TD Cowen lowered the firm’s price target on AllianceBernstein to $39 from $40 and keeps a Buy rating on the shares. The firm said they came off its 1Q24 call incrementally more constructive on long-term AOGR and see a path to 3% though they reduced their 2024-2025E adjusted EPU (equity pickup).