Western Alliance price target lowered to $52 from $65 at Wells Fargo

Wells Fargo lowered the firm’s price target on Western Alliance to $52 from $65 and keeps an Overweight rating on the shares. The firm cites expenses and poor messaging. Wells also notes that the company had a solid Q3 beat with benefits from a year of balance sheet optimization and credit mitigation, but expenses are higher than the firm thought before. Its 2024 estimates were already below consensus, and Western Alliance seemed more uncertain than usual about affirming the current $8/share FY24 consensus estimate.