JPMorgan analyst Steven Alexopoulos lowered the firm’s price target on Western Alliance to $85 from $90 and keeps an Overweight rating on the shares as part of a Q1 earnings preview for the mid- and small-cap banks. Once the Federal Reserve starts to lower interest rates, the banks should see a “powerful valuation reset,” the analyst tells investors in a research note. The firm sees “significant upside potential” with several catalysts now in sight for the banks and keeps a bullish sector stance.
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