Western Alliance price target lowered to $70 from $75 at Wedbush

Wedbush lowered the firm’s price target on Western Alliance to $70 from $75 and keeps an Outperform rating on the shares. Western Alliance reported a mixed quarter as net interest income beat the firm’s forecast, but credit metrics deteriorated from low levels, including higher nonperforming loans, the analyst tells investors in a research note. Wedbush is encouraged by Western Alliance reiterating its NII guidance and increasing guidance for both loans and deposits, but these positives are partially offset by a higher expense outlook, the firm says.