Western Alliance shares remain attractive, says DA Davidson

DA Davidson keeps a Buy rating and $64 price target on Western Alliance, noting that while the stock has rallied and outperformed the regional bank index since the initial industry stress in March, shares remain attractive relative to the bank’s profitability metrics and projected tangible book value per share at the end of 2024. Western Alliance’s deposits have also grown after an initial post-SVB decline, and the firm also sees the company’s asset quality remaining stable.