WAL - Western Alliance Stock Rises On Q1 Earnings Beat: Analyst Sees 'Above Peer Upside Potential' | Benzinga
Western Alliance Bancorp (NYSE:WAL) investors have been rejoicing with the stock up 3% since the company delivered an earnings beat.
The bank delivered a 3.61% surprise on EPS and a 4.56% surprise on revenue, as it reported Q1 numbers on April 18 after market close.
The Western Alliance Analyst
JPMorgan analyst Steven Alexopoulos, CFA has an Overweight rating on the stock with a price target of $80. “With the company having reached its financial targets, we see the strong growth continuing through 2024 and 2025,” he said.
The stock trades at an attractive valuation of 7.0x 2024e EPS and an elevated implied cost of equity. Western Alliance presents an opportunity for investors to capitalize on its growth potential. Alexopoulos continues to “see above peer upside potential” with Western Alliance stock.
The Western Alliance Thesis
Alexopoulos suggests that Western Alliance is poised for continued growth. With its recent first-quarter results showcasing strong momentum ...