Shares of Western Alliance Bancorp (WAL) plummeted by 5.05% on Monday, October 21, 2024, as multiple analysts lowered their price targets on the regional bank's stock. The stock decline comes amid broader concerns about the banking sector's performance and economic outlook.
Truist Securities reduced its price target for Western Alliance to $95 from $100, citing valuation concerns, while maintaining a "Buy" rating on the stock. Piper Sandler also trimmed its target price to $101 from $102 but reiterated an "Overweight" rating, expressing confidence in the bank's fundamentals.
J.P. Morgan Chase & Co. lowered its price target for Western Alliance to $105 from $107, reflecting a more cautious view on the bank's near-term growth prospects. However, the firm maintained a positive outlook on the stock, highlighting Western Alliance's strong capital position and potential for continued loan growth.
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