Jefferies Maintains a 'Buy' on Western Alliance Bancorporation (WAL); PTPP Outlook Still Strong, But Credit Stickier Than Expected

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Jefferies maintains a 'Buy' on Western Alliance Bancorporation (NYSE: WAL) price target of $10.50 (from $11.00).

Analyst, Casey Haire, said, "We cut our 2013 EPS estimate a nickel ($0.85) to account for a slower pace of credit recovery in NV. Credit quality issues have been stickier than anticipated, but stable property values, de minimus problem loan formation and a dwindling exposure to troublesome NV given us comfort that credit leverage is a matter of time. Further, the PTPP forecast remains favorable with strong loan pipelines/cost control overcoming NIM compression."

Raises FY12 EPS estimate from $0.60 to $0.63 and FY13 from $0.90 to $0.85.

For an analyst ratings summary and ratings history on Western Alliance Bancorporation click here. For more ratings news on Western Alliance Bancorporation click here.

Shares of Western Alliance Bancorporation closed at $9.05 yesterday, with a 52 week range of $4.44-$9.60.

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