Western Alliance price target lowered to $106 from $110 at DA Davidson

DA Davidson lowered the firm’s price target on Western Alliance (WAL) to $106 from $110 and keeps a Buy rating on the shares after its Q4 results. Higher non-performing asset levels drove an above trend provision level of $60M, and the firm warns that the increase could serve as an overhang on the stock in the intermediate term as investors could take a “wait and see” approach to management’s expectations of positive inflection to occur over the next few quarters, the analyst tells investors in a research note.