AllianceBernstein price target raised to $34 from $32 at Jefferies

Jefferies raised the firm’s price target on AllianceBernstein to $34 from $32 and keeps a Hold rating on the shares. Ahead of Q3 earnings for the U.S. asset manager group, the firm cut its EPS estimates by 3.4% on average, while its full year 2024 EPS estimates have decreased by about 5.4%. Negative beta is the primary factor in the estimate changes, notes the analyst, who also cites ongoing fee pressure as flows continue to favor passive and other low cost vehicles, though valuations for the group are approaching trough levels, which the firm views as “attractive.”