Bernstein
Bernstein is a cash equities and equity research firm established in 2024 as a joint venture between Societe Generale and AllianceBernstein. Majority-owned by Societe Generale, it is known for fundamental company research and, through its Autonomous brand, financial services research.
Activity24M
RatingsPrice targetsKey figures
- Stocks covered
- 40712M
- Actions
- 1,37812M
- Ratings / Price targets
- 625 / 753
- Upgrades / Downgrades
- 34 / 49
- Initiations
- 26
- Buy-rated
- 53%of 333 rated
- Median upside
- +16.3%
- Targets raised / lowered
- 386 / 207
- On record
- Jun 2012 – Sep 2026
Overview
Coverage grew from about 1,000 companies at the 2024 launch to about 1,200 by April 2026, including about 400 US and 500 European stocks; Autonomous covered 286 financial-services companies as of April 2025. In 2025 Extel ranked Bernstein 10th in its All-America survey and 8th in Europe. As of 2026, Bernstein says its analysts typically join after ten or more years working in and around the sectors they cover.
Sanford C. Bernstein founded his investment firm in New York in 1967; Alliance Capital acquired it in 2000, and the combined firm, renamed AllianceBernstein in 2006, bought financials research house Autonomous in 2019. In April 2024 AllianceBernstein and Societe Generale combined their cash equities and research businesses in a joint venture under the Bernstein name. On 1 January 2026 its North American and international entities merged into one company, 51% owned by Societe Generale, with options for full ownership from 2029.
Milestones
- 1967
Sanford C. Bernstein founds his investment firm in New York
- 2000
Alliance Capital acquires Sanford C. Bernstein
- 2019
AllianceBernstein acquires Autonomous Research
- 2024
Joint venture with Societe Generale launches as Bernstein
- 2026
Regional entities merged; Societe Generale holds 51%
Firm facts
- Legal name
- Sanford C. Bernstein Holdings Limited
- Type
- Full-service
- Founded
- 1967
- Headquarters
- London, United Kingdom
- Parent
- Societe Generale
- Listing
- Euronext Paris: GLE
- Chief Executive Officer
- Robert van Brugge
- Rating scale
- OutperformMarket-PerformUnderperform12 months
- Website
- bernsteinresearch.com
Research philosophy
The point of every research note is to spark a conversation.
As of 2026, Bernstein says its joint-venture structure gives analysts greater freedom than they would have within a global investment bank. Its Long View reports examine structural changes that analysts believe are misunderstood today but will be widely recognized within about five years. Its Blackbooks often bring together the views of several senior analysts.
Rating methodology
Bernstein-brand ratings are Outperform, Market-Perform and Underperform, using a ±15-point band against a market index over 12 months; Autonomous rates against sector indices with a ±10-point band.
Coverage12M
Sectors
Most covered24M
| Stock | Rating | Target |
|---|---|---|
 The Home Depot, Inc.HD | Market Perform | $354 |
 Target CorporationTGT | Market Perform | $154 |
 Advanced Micro Devices, Inc.AMD | Outperform | $650 |
 Amazon.com, Inc.AMZN | Outperform | $320 |
 FedEx CorporationFDX | Buy | $397 |
 Lowe's Companies, Inc.LOW | Outperform | $254 |
 Microsoft CorporationMSFT | Outperform | $660 |
 Palo Alto Networks, Inc.PANW | Market Perform | $351 |
 CrowdStrike Holdings, Inc.CRWD | Market Perform | $132 |
 UnitedHealth Group IncorporatedUNH | Outperform | $492 |
Most active analysts
- Jeffrey Bernstein43 notesEATJACKCAVA
- David Vernon26 notesUPSDALFDX
- Stacy Rasgon24 notesINTCKLACAMD
- Peter Weed24 notesSOKTANOW
- Zhihan Ma23 notesHDDGTGT
- Douglas Harned23 notesRTXLMTBA
Recent actions
| Date | Stock | Rating action | Rating | Target | Analyst |
|---|---|---|---|---|---|
| Sep 22 | ENENGIY | Upgrade | Outperform | ||
| Sep 21 |  Otis Worldwide CorporationOTIS | Reiterate | Outperform | ||
| Sep 21 |  Amrize LtdAMRZ | Reiterate | Outperform | $70 →$60 | Pujarini Ghosh |
| Sep 18 | BFBFLBF | Downgrade | Outperform →Market Perform | ||
| Sep 17 |  J.B. Hunt Transport Services, Inc.JBHT | Downgrade | Outperform →Market Perform | ||
| Sep 17 | CNCN | Reiterate | Outperform | ||
| Sep 17 |  e.l.f. Beauty, Inc.ELF | Target | $121 →$127 | Cristian Rios | |
| Sep 17 |  Fortinet, Inc.FTNT | Target | $83 →$145 | ||
| Sep 17 |  Okta, Inc.OKTA | Target | $143 →$174 | Peter Weed | |
| Sep 17 | CrowdStrike Holdings, Inc.CRWD | Target | $119 →$132 | ||
| Sep 17 |  SentinelOne, Inc.S | Target | $21 →$25 | Peter Weed |