Western Alliance assumed with a Buy at UBS

UBS analyst Nicholas Holowko assumed coverage of Western Alliance (WAL) with a Buy rating and price target of $115, up from $98. The stock still trades at a discount to both peers and its own history after the volatility of early 2023, despite UBS’s estimates for top-quartile earnings growth in 2025 and 2026, the analyst tells investors in a research note. The firm thinks execution, including continued market share gains, and outperformance on credit, create a set up for continued re-rating of the stock over the next 12 months.