Truist raised the firm’s price target on Western Alliance to $88 from $74 and keeps a Buy rating on the shares as part of a broader research note recapping Q2 results for Community and Regional Banks. The firm sees the bank’s net interest income increasing 13% and 12% in FY24 and FY25, supported by balance sheet growth, accelerating loan growth, and relatively stable net interest margin in the second half of 2024, followed by modest compression in 2025, the analyst tells investors in a research note. Truist adds that shares remain attractive at 8.7-times expected 2025 EPS – a 19% discount in the sector.
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