Truist raised the firm’s price target on Western Alliance to $60 from $54 and keeps a Buy rating on the shares as part of a broader research note recapping Q3 results for Community and Regional Banks. The firm is citing the bank’s higher net interest margins and stronger balance sheet growth in the second half of 2024 and 2025. Truist adds that while its expense estimates are higher, driven by higher deposit costs in 2024 from higher mortgage and ECR deposit balances, it has also lowered its provision estimates to reflect net charge off trends that have continued to outperform its expectations.
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