Oppenheimer Downgrades Western Alliance Bancorporation (WAL) to Perform; Valuation Call; Not On Chopping Block...Yet
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Price: $14.91 +0.07%
Rating Summary:
6 Buy, 6 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 19 | Down: 33 | New: 12
Rating Summary:
6 Buy, 6 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 19 | Down: 33 | New: 12
Trade WAL Now!
Oppenheimer downgraded Western Alliance Bancorporation (NYSE: WAL) from Outperform to Perform.
Analyst, Terry McEvoy, said, "WAL has appreciated 52% so far in ’12 compared with the 12% at the Nasdaq Bank Index. Our ’12 and ’13 EPS estimates remain unchanged at $0.58 and $0.75, respectively. Any upside to estimates is dependent on the health of the Las Vegas economy...As has been our fundamental view for quite some time, we believe the foundation is now clearly in place for Western Alliance to report above-peer profitability and core EPS growth going forward. Loan and margin trends were above our forecast in the most recent quarter, and we remain upbeat about the company's prospects over the coming years."
McEvoy also noted that despite $1B in bank M&A during the past quarter, we feel it is premature to view WAL as an acquisition target today.
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 $9.37 yesterday, with a 52 week range of $4.44-$9.53.
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Analyst, Terry McEvoy, said, "WAL has appreciated 52% so far in ’12 compared with the 12% at the Nasdaq Bank Index. Our ’12 and ’13 EPS estimates remain unchanged at $0.58 and $0.75, respectively. Any upside to estimates is dependent on the health of the Las Vegas economy...As has been our fundamental view for quite some time, we believe the foundation is now clearly in place for Western Alliance to report above-peer profitability and core EPS growth going forward. Loan and margin trends were above our forecast in the most recent quarter, and we remain upbeat about the company's prospects over the coming years."
McEvoy also noted that despite $1B in bank M&A during the past quarter, we feel it is premature to view WAL as an acquisition target today.
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 $9.37 yesterday, with a 52 week range of $4.44-$9.53.
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