Keefe, Bruyette & Woods Upgrades Western Alliance Bancorp (WAL) to Outperform
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Keefe, Bruyette & Woods upgrades Western Alliance Bancorp (NYSE: WAL) to Outperform. Price target $7.50.
Keefe analyst says, "On May 14, 2009, WAL announced the pricing of 29.2m shares of common stock at $6.00/shr. The deal fortifies the B-S, as the pro forma TCE ratio will increase to 8.13% from 4.74%. We believe this capital will give WAL cushion capital, as well as growth capital. Our revised $7.50 target is based upon a DCF analysis and is only 7.5X our normalized EPS estimate. Adjusting estimates to $1.40 from $1.50 for FY09. Lowers 2010 EPS estimates from $0.50 to $0.32"
Western Alliance Bancorporation is a bank holding company.
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