Western Alliance price target lowered to $78 from $85 at DA Davidson

DA Davidson analyst Gary Tenner lowered the firm’s price target on Western Alliance to $78 from $85 and keeps a Buy rating on the shares after its Q1 results. The company is well-positioned to “take its foot off the brake” regarding loan growth, which is supporting the firm’s sequentially positive net interest income outlook from here, the analyst tells investors in a research note. The firm adds however that its reduced price target is largely related to the increase in its non-interest expense estimate, which offsets a higher revenue estimate than previously modeled.