Asset manager AllianceBernstein's Q3 profit beats estimates as outflows drop
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AllianceBernstein reported Q3 revenue growth of 4.8% year-over-year, surpassing analyst expectations. Adjusted EPS rose 11.7% year-over-year, with net outflows improving to $2.3 billion from $6.7 billion in Q2. The company aims for private markets AUM of $90 to $100 billion by 2027 and anticipates growth in institutional pipeline AUM. Tax-exempt inflows reached $4.1 billion, while private alternatives saw $3.2 billion in inflows. The average analyst rating is "hold," with a median 12-month price target of $40.50, slightly above the recent closing price of $40.07.
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