Western Alliance price target raised to $85 from $80 at DA Davidson

DA Davidson analyst Gary Tenner raised the firm’s price target on Western Alliance to $85 from $80 and keeps a Buy rating on the shares. The stock outperformed the bank index by over 400bps year-to-date, but given positive capital trends and a stabilized deposit base, shares remain “attractively valued”, the analyst tells investors in a research note. The bank’s initial 2024 guidance supported a near $8.00 estimate, with upside potential from both spread and fee income channels, the firm added.