Overview

* AllianceBernstein ( AB ) Q3 revenue beats analyst expectations, growing 4.8% yr/yr

* Adjusted EPS for Q3 beats consensus, rising 11.7% yr/yr

* Company reports $2.3 bln net outflows, improved from Q2's $6.7 bln outflows

Outlook

* AllianceBernstein ( AB ) targets private markets AUM of $90 to $100 bln by 2027

* Company expects institutional pipeline AUM to grow in coming quarters from $11.8 bln currently

Result Drivers

* TAX-EXEMPT INFLOWS - Inflows into tax-exempt strategies accelerated to $4.1 bln, driven by retail and private wealth gains; Retail channel shows sequential improvement in net flows

* PRIVATE ALTERNATIVES - Institutional deployments in private alternative strategies drove $3.2 bln inflows

* REINSURANCE IMPACT - $4.0 bln outflows related to Equitable-RGA reinsurance transaction affected results

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q3 Beat $1.13 $887.60

Revenue bln mln (2

Analysts

)

Q3 Beat $0.86 $0.83 (6

Adjusted Analysts

EPS )

Analyst Coverage

* The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 2 "strong buy" or "buy", 5 "hold" and no "sell" or "strong sell"

* The average consensus recommendation for the investment management & fund operators peer group is "buy."

* Wall Street's median 12-month price target for AllianceBernstein Holding LP ( AB ) is $40.50, about 1.1% above its October 21 closing price of $40.07

* The stock recently traded at 11 times the next 12-month earnings vs. a P/E of 12 three months ago

Press Release:

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)