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."

For an analyst ratings summary and ratings history on Western Alliance Bancorporation click here. For more ratings news on Western Alliance Bancorporation click here.

Shares of Western Alliance Bancorporation closed at $93.92 yesterday.

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