Piper ups Western Alliance target, says buy recent selloff

Piper Sandler analyst Matthew Clark raised the firm’s price target on Western Alliance to $83 from $74 and keeps an Overweight rating on the shares. The analyst increased estimates based on stronger net interest income and better fees. The firm likes Western Alliance’s risk/reward with its pre-provision net revenue likely to accelerate in the second half of 2024, a “misperception” over the bank’s allowances for credit losses, and return on tangle capital in the mid-to-high teens that puts its book value over $61 per share at the end of 2025. Piper recommends taking advantage of the recent pullback in the shares.