Truist analyst Jennifer Demba lowered the firm’s price target on Western Alliance to $50 from $86 and keeps a Buy rating on the shares as part of a broader research note that anticipates lower net interest margins, slower loan growth, and higher credit costs for banks. The analyst states that the firm’s model now calls for one more 25bps FOMC rate hike in May followed by 200bps of rate cuts in 2024. Truist also continues to forecast a recession later this year with incrementally higher net charge offs, loan loss provisioning, and reserve levels.
Published first on TheFly
See Insiders’ Hot Stocks on TipRanks >>
Read More on WAL:
- FRC, WAL, and PACW Rebound after Losses Post Yellen Comments
- Western Alliance initiated with an Outperform at Hovde Group
- Western Alliance put volume heavy and directionally bearish
- Western Alliance rises 9.5%
- Western Alliance deposit trends appear to be stabilizing, says BofA
Questions or Comments about the article? Write to editor@tipranks.com