Barclays raised the firm’s price target on Western Alliance to $110 from $92 and keeps an Overweight rating on the shares as part of a Q3 earnings preview for the mid-cap banks. Interest rate cuts will pressure net interest margin in the second half of 2024 as loan yields initially outpace the decline in funding costs, the analyst tells investors in a research note. The firm believes deposit growth will improve with the rate cuts, but says loan growth will take 2-3 quarters before inflecting.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on WAL:
- Western Alliance price target raised to $105 from $90 at Wedbush
- Wedbush adds Comerica, Western Alliance to Best Ideas List, removes two others
- Wedbush rotates into liability sensitive banks with 8 rating changes
- Western Alliance price target raised to $100 from $88 at Truist
- JPMorgan sees bank headwinds turning to tailwinds with rate cut