AllianceBernstein: Dividend Drops, But Units Still Decently Priced

AllianceBernstein remains a "Buy," supported by a high 10.1% yield, despite underperforming the S&P 500. Q1 results were mixed: EPS met expectations at $0.83, but revenue missed by $23.6 million; net income rose 37% YoY. Soft EPS growth and ongoing active strategy outflows narrowed the margin of safety, prompting a reduced fair value target of $43 per unit.