This paper explores targeted distillation methods for sentiment analysis, aiming to build compact and practical models that preserve strong and generalizable sentiment analysis capabilities. To this end, we conceptually decouple the distillation target into knowledge and alignment and accordingly propose a two-stage distillation framework. Moreover, we introduce SentiBench, a comprehensive and systematic sentiment analysis benchmark that covers a diverse set of tasks across 12 datasets. We evaluate a wide range of models on this benchmark. Experimental results show that our approach substantially enhances the performance of compact models across diverse sentiment analysis tasks, and the resulting models demonstrate strong generalization to unseen tasks, showcasing robust competitiveness against existing small-scale models.