AllianceBernstein: Rising Markets Contributed to a More Than 10% Increase in Our Valuation

We've increased our fair value estimate for no-moat-rated AllianceBernstein to $35 per share from $31 to account for revised near-term expectations for assets under management, revenue, and profitability since our last update. With the U.S. equity markets rising 12% in the fourth quarter of 2023, and the credit markets rising 7%, AllianceBernstein had an 8% increase in its AUM during the period. This left the firm in a better position than we had been expecting in 2024, allowing us to raise our fair value estimate more than 10%.