Truist lowered the firm’s price target on Western Alliance to $75 from $80 and keeps a Buy rating on the shares as part of a broader research note recapping Q1 earnings among Community and Regional Banks. The firm’s updated model for Fed funds rate forecast calls for zero cuts in 2024 and four 25bps cuts in 2025 from three in 2023 and 2024 previously, the analyst tells investors in a research note. Truist is also revising its FY24 and FY25 EPS on the bank to $7.31 and $8.65 from $7.65 and $9.25, with estimate revisions reflecting operating expense estimates going higher, driven by higher deposit costs related to greater deposit growth and Fed rate cuts pushed to 2025, the firm adds.
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Read More on WAL:
- Western Alliance price target lowered to $70 from $75 at Wedbush
- Western Alliance reports Q1 EPS ex-items $1.72, consensus $1.66
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