Piper Jaffray maintained an Overweight rating on Western Alliance Bancorporation (NYSE: WAL), and raised the price target of $42.50 (from $41.00), after adjusting estimates.

Analyst Brett Rabatin commented, "We are raising our FY16/17E to $2.60 (+$0.03) and $02.93 (+$0.02), respectively, as well as establishing an FY18E of $3.23. We think 1Q16 results and increased visibility/disclosure around the GE deal as expected should continue to bolster consensus expectations. We are increasing our PT to $42.50, based on 14.5x our FY17E (an increase from 14x due to higher confidence on future earning power in the environment)."

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Shares of Western Alliance Bancorporation closed at $36.61 yesterday.