Western Alliance price target lowered to $76 from $78 at RBC Capital

RBC Capital lowered the firm’s price target on Western Alliance to $76 from $78 but keeps an Outperform rating on the shares after its Q1 results. The company’s fundamental trends were solid and highlighted by very strong deposit growth and improvement in fee revenues, while its higher expense trends were acceptable, the analyst tells investors in a research note. The bank’s 2024 guidance was also revised to reflect much stronger balance sheet growth, in addition to higher expense growth expectations, the firm added.