As previously reported, Wells Fargo analyst Timur Braziler downgraded Western Alliance (WAL) to Underweight from Equal Weight with a price target of $90, up from $85. The firm believes the shares are pricing in too much of interest rate cut benefits. Western Alliance shares already re-rated back to their historical two-times price-to-earnings valuation discount, which limits further outperformance, the analyst tells investors in a research note. Wells also sees downside risk to the bank’s guidance, saying rate cut benefits won’t hit until 2026.
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