The firm initiated coverage at overweight with a $60 price target.
Investors should pick up shares of sold-off Western Alliance Bancorp , according to Piper Sandler. Analyst Matthew Clark initiated coverage of the bank stock at overweight with a $60 price target. Clark's price target signals shares could rally 21.9% over the next year. Western Alliance is "among the industry's most heavily discounted bank stocks ...
Additionally, Clark noted the company has been able to quickly get deposit growth back on track as its distanced itself from the industry turmoil that began in March. He said Western Alliance has focused on holistic and deep relationships. The bank lost nearly 40% of tech deposits as bank closures made consumers jittery. Concerns around the health of the U.S. banking sector have revved up in recent weeks as rating agencies have expressed concerned about some institutions.
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