Western Alliance price target raised to $90 from $70 at Wedbush

Wedbush raised the firm’s price target on Western Alliance to $90 from $70 and keeps an Outperform rating on the shares. Western Alliance reported a strong quarter, with deposit growth well above the firm’s forecast, and guidance was raised across the board, the analyst tells investors in a research note. The credit story remains solid overall as net charge-offs and nonperforming loans rose only modestly on a sequential basis, and classified loans declined quarter over quarter, Wedbush says.