Wells Fargo analyst Timur Braziler upgraded Western Alliance Bancorporation to Outperform and raised his price target for the shares to $72 from $61. The company's Q4 results begin to demonstrate its advantages from operating in more specialized and less competitive lending verticals, Braziler tells investors in a research note. The analyst sees more upside in the stock.

DA Davidson analyst Gary Tenner lowered the firm's price target on Western Alliance to $78 from $85 and keeps a Buy rating on the shares after its Q1 results. The company is well-positioned to "take its foot off the brake" regarding loan growth, which is supporting the firm's sequentially positive net interest income outlook from here, the analyst tells investors in a research note. The firm adds however that its reduced price target is largely related to the increase in its non-interest expense estimate, which offsets a higher revenue estimate than previously modeled.

Truist lowered the firm's price target on Western Alliance to $75 from $80 and keeps a Buy rating on the shares as part of a broader research note recapping Q1 earnings among Community and Regional Banks. The firm's updated model for Fed funds rate forecast calls for zero cuts in 2024 and four 25bps cuts in 2025 from three in 2023 and 2024 previously, the analyst tells investors in a research note. Truist is also revising its FY24 and FY25 EPS on the bank to $7.31 and $8.65 from $7.65 and $9.25, with estimate revisions reflecting operating expense estimates going higher, driven by higher deposit costs related to greater deposit growth and Fed rate cuts pushed to 2025, the firm adds.

RBC Capital lowered the firm's price target on Western Alliance to $76 from $78 but keeps an Outperform rating on the shares after its Q1 results. The company's fundamental trends were solid and highlighted by very strong deposit growth and improvement in fee revenues, while its higher expense trends were acceptable, the analyst tells investors in a research note. The bank's 2024 guidance was also revised to reflect much stronger balance sheet growth, in addition to higher expense growth expectations, the firm added.