Piper Jaffray Raises Price Target on Western Alliance Bancorporation (WAL) to $42.50; Reiterates Overweight

Piper Jaffray maintained an Overweight rating on Western Alliance Bancorporation (NYSE: WAL), and raised the price target of $42.50 (from $41.00), after adjusting estimates.

Analyst Brett Rabatin commented, "We are raising our FY16/17E to $2.60 (+$0.03) and $02.93 (+$0.02), respectively, as well as establishing an FY18E of $3.23. We think 1Q16 results and increased visibility/disclosure around the GE deal as expected should continue to bolster consensus expectations. We are increasing our PT to $42.50, based on 14.5x our FY17E (an increase from 14x due to higher confidence on future earning power in the environment)."

For an analyst ratings summary and ratings history on Western Alliance Bancorporation click here. For more ratings news on Western Alliance Bancorporation click here.

Shares of Western Alliance Bancorporation closed at $36.61 yesterday.

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