The artificial intelligence rally over the past year and a half, led by the so-called Magnificent 7 stocks, has been remarkable if you owned those stocks.
AllianceBernstein (AB) witnesses a solid improvement in the May 2024 AUM balance driven by upbeat markets and inflows.
Asset managers have seen improved performance due to higher stock prices, steady interest rates, and strong returns in foreign equities. I have a buy rating on units of AllianceBernstein given its attractive valuation, high dividend yield, and improved momentum. I highlight key price levels to monitor as the units consolidate after a protracted downtrend from late 2021 through November last year.