Western Alliance price target raised to $60 from $53 at JPMorgan

JPMorgan raised the firm’s price target on Western Alliance to $60 from $53 and keeps an Overweight rating on the shares post the Q2 report. Western Alliance showed signs that, not only is the worst of the March banking turmoil in the rearview mirror, but that the company’s deposit growth in the quarter was also fueled in part by about a third of deposits that left during the events of March which have now returned to the bank, the analyst tells investors in a research note. The firm still sees material upside in the shares.