Western Alliance assumed with an Overweight at Piper Sandler

Piper Sandler analyst Matthew Clark assumed coverage of Western Alliance with an Overweight rating and $60 price target. The company is among the industry’s “most heavily discounted bank stocks for a top performing institution with industry leading returns, relative market strength, and a sophisticated management team,” the analyst tells investors in a research note. The firm says Western Alliance has quickly restored core deposit growth and continues to distance itself from the industry turmoil after losing almost 40% of its tech deposits.