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Wells Fargo Starts Western Alliance Bancorporation (WAL) at Outperform

January 9, 2013 9:13 AM EST Send to a Friend
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Price: $24.26 --0%

Rating Summary:
    8 Buy, 6 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 0 | Down: 0 | New: 12
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Wells Fargo initiates coverage on Western Alliance Bancorporation (NYSE: WAL) with a Outperform rating and $13-$14 valuation range.

The firm comments, "Later-stage credit recovery story with solid growth prospects. We are initiating coverage of Western Alliance with an Outperform rating on the shares. We are attracted to the growth element of the story and also the bank’s continued credit improvement, reflective of the bank’s sizeable presence in Nevada. We view Western Alliance as a later-cycle recovery story and a play on improvement in previously hard-hit western markets. We unveil our FY2013 and FY2014 EPS estimates of $0.85 and $1.05, respectively. This compares to the consensus of $0.82 for 2013E and $1.03 for 2014E. Our valuation range of $13-14 represents 11-19% potential upside relative to WAL’s current share price of $11.40 and reflects a 1.8-1.9x TBV multiple against our 2013E TBV of $7."

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 $11.40 yesterday.




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