Nomura Securities Maintains a 'Neutral' on Western Alliance (WAL); Model Update

Nomura Securities maintains a 'Neutral' on Western Alliance Bancorporation (NYSE: WAL) price target of $8.50.

Nomura analyst, Brian Foran, says, "Post the quarter we update our 2011 EPS estimates to $0.20 from $0.15 to reflect lower OREO marks and better loan trends. 2012E goes to $0.55 from $0.50 for similar reasons. Our normalized EPS is $0.85, and our $8.50 price target implies a 10x normal multiple. Pre-provision growth came back in 2Q on the back of 13% loan growth (2Q annualized). The current level of pre-provision is consistent with $0.85 of normalized earnings, building in a little dilution for TARP. Downside risks include Nevada real estate modest capital risks."

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 $7.33 yesterday.

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