AllianceBernstein upgraded to Buy from Neutral at BofA

BofA upgraded AllianceBernstein to Buy from Neutral with a price target of $47, up from $36. The stock is the worst-performing asset manager over the last three months and there were “several minor issues” that contributed to this underperformance, the analyst tells investors. However, the firm believes the correction was “largely unwarranted” and views the current valuation entry point as attractive for AllianceBernstein, which it now calls its top traditional asset manager Buy.