Wells Fargo Starts Western Alliance Bancorporation (WAL) at Outperform
Tweet Send to a FriendGet Alerts WAL Hot Sheet
Price: $14.34 +0.28%
Rating Summary:
6 Buy, 6 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 12 | Down: 19 | New: 22
Rating Summary:
6 Buy, 6 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 12 | Down: 19 | New: 22
Trade WAL Now!
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, with a 52 week range of $6.86-$11.44.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
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, with a 52 week range of $6.86-$11.44.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
You May Also Be Interested In
- UPDATE: Keryx Biopharma (KERX) Patents Strong; JPMorgan Starts at Overweight
- UPDATE: Howard Weil Upgrades LINN Energy (LINE) to Outperform
- Wedbush Starts USG Corp. (USG) at Neutral
Create E-mail Alert Related Categories
New CoverageRelated Entities
Wells Fargo
Login with Facebook
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
