Western Alliance downgraded to Equal Weight from Overweight at Wells Fargo

Wells Fargo downgraded Western Alliance to Equal Weight from Overweight with a price target of $72, up from $62. The analyst says the company’s current results and guidance “leave little room for error.” The risk/reward scenarios at this stock price level “seem skewed to the downside,” the analyst tells investors in a research note. Wells says its view that Western AllianceL would show better than expected deposit resiliency post-SVB has played out.