Nomura Securities Maintains a 'Neutral' on Western Alliance (WAL); Highlights From Conference Call

Nomura Securities maintains a 'Neutral' on Western Alliance Bancorporation (NYSE: WAL).

Nomura analyst, Brian Foran, said, "We recently hosted a call with Western Alliance, who highlighted ongoing growth opportunities, reasonably stable loan pricing and the ability to hold operating expense close to flat. The main issue that holds us at Neutral is the foreclosed asset book, where further marks look likely. We lower 2QE EPS to $0.01 and 2011E EPS to $0.15 (from $0.04 and $0.20). WAL did not say anything incrementally negative, and we believe our previous model was just too optimistic on OREO marks especially in 2Q11E. 2012E EPS stays at $0.50 on the expectation that OREO marks abate. Our normalized estimate is $0.85."

For more ratings news on Western Alliance Bancorporation click here and for the rating history of Western Alliance Bancorporation click here.

Shares of Western Alliance Bancorporation closed at $6.76 yesterday.

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