Western Alliance price target raised to $87 from $78 at RBC Capital

RBC Capital analyst Jon Arfstrom raised the firm’s price target on Western Alliance to $87 from $78 and keeps an Outperform rating on the shares after its Q2 earnings beat. The company’s strong balance sheet growth drove modest margin expansion and higher net interest income growth, while its core expenses increased at an acceptable pace and efficiency improved, the analyst tells investors in a research note. The bank’s credit was relatively controlled, though net charge-offs and the loan loss provision did increase, RBC added.