Western Alliance price target raised to $105 from $90 at Wedbush

Wedbush raised the firm’s price target on Western Alliance to $105 from $90 and keeps an Outperform rating on the shares. While Wedbush can’t rule out the possibility of a recession just yet, its base case scenario as of today is the Federal Reserve “may be able to glide the economy into a soft landing.” Banks should be in a stronger position “to pivot to a more offensive posture, as lower short term rates and a more normalized yield curve should make for a more ideal operating environment on multiple fronts,” the analyst tells investors in a research note. The firm recommends rotating into liability sensitive and interest rate neutral banks.