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.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See Insiders’ Hot Stocks on TipRanks >>
Read More on WAL:
- Unusually active option classes on open January 31st
- Netflix downgraded, Block upgraded: Wall Street’s top analyst calls
- Western Alliance downgraded to Equal Weight from Overweight at Wells Fargo
- Western Alliance call volume above normal and directionally bullish
- Western Alliance price target raised to $85 from $80 at DA Davidson