DA Davidson Reiterates Buy Rating on Western Alliance Bancorporation (WAL)
DA Davidson analyst Gary P. Tenner reiterated a Buy rating and $100.00 price target on Western Alliance Bancorporation (NYSE: WAL).
The analyst comments "Our Take: Western Alliance beat our top line revenue estimate, although strong ECR-related deposit growth (and a higher rate) drove NIE higher than expected, offsetting the revenue upside. Overall growth tailwinds remain strong, with longer term positive outlooks for balance sheet expansion, although 4Q is likely a seasonally lower quarter for deposits. We look for 4Q ECR costs to moderate as a result of Fed rate cuts, which are expected to more than offset NII pressure."
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Shares of Western Alliance Bancorporation closed at $93.92 yesterday.