RBC Capital lowered the firm’s price target on Western Alliance to $54 from $56 but keeps an Outperform rating on the shares after its Q3 results. The company’s balance sheet trends were stronger than expected, particularly for deposits, and Western Alliance also continued to make progress on the planned asset dispositions, the analyst tells investors in a research note. Higher expenses were a headwind, but these trends are manageable and acceptable given the stronger revenue growth, the firm added.
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