Piper Sandler lowered the firm’s price target on Western Alliance (WAL) to $101 from $102 and keeps an Overweight rating on the shares. The firm is also trimming its 2024/2025 EPS to $7.10/$9.15 from $7.25/$9.25 based on higher NIE partly offset by stronger fees and better net interest income. Piper expects profitability to improve as PPNR accelerates again knowing Western Alliance is liability sensitive when considering the rate related relief in ECR deposit costs and likely increase in mortgage banking revenue.
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