UPDATE: Credit Suisse Downgrades AllianceBernstein to Neutral on Reduced Net Flow Outlook

In a report published Wednesday, Credit Suisse analyst Craig Siegenthaler downgraded the rating on AllianceBernstein Holding LP (NYSE: AB) from Outperform to Neutral, and lowered the price target from $25.00 to $21.00.

In the report, Credit Suisse noted, “We estimate the near-term retail rotation out of fixed income will continue into 2H13. Given AB's 60% AuM contribution from fixed income vs. the peer average of 29%, we believe AB's net flow estimates are more at risk than peers. Additionally, given that +16B of AB's 2012 flows came from the retail channel (less sticky) vs. negative 30.4B from the institutional and private client.”

AllianceBernstein Holding LP closed on Tuesday at $20.85.