Western Alliance initiated with a Hold at Deutsche Bank

Deutsche Bank analyst Bernard von-Gizycki initiated coverage of Western Alliance with a Hold rating and $41 price target. The bank has had a strong crisis response but its funding pressures will persist, the analyst tells investors in a research note. The shares have declined 77% year-to-date, with nearly two-third’s of that occurring over just four business days from the start of Silicon Valley’s issues to Signature Bank’s failure, the analyst tells investors in a research note. There was significant stress in midcap bank stocks post these failures, with Western Alliance shares being amongst the most negatively impacted, notes the firm.