WAL - Wells Fargo upgrades Western Alliance as EPS loan/deposit outlook brightens

Western Alliance Bancorporation (WAL) stock gains 1.7% in premarket trading after Wells Fargo analyst Timur Braziler upgrades the stock to Overweight from Equalweight on its significantly improved loan and deposit growth and EPS outlook.Outlook for loan and deposit growth more than doubles from its prior outlook and calls for a $9 EPS run-rate by year-end 2021 vs. current 2022 EPS consensus of $8.15, Braziler writes in a note to clients."WAL continues to outperform industry peers regardless of the operating environment and while some of the upside has already been squeezed given the current 3x TBV (tangible book value) valuation, our expectation for continued industry leading TBV growth should b enough to keep shares moving higher," the analyst said.Still, price/earnings multiple remains "modest"  at 13.5x for 2021 and 11.7x for 2022, Braziler wrote.Lifts price target to $120 from $100.See WAL's P/E (trailing twelve month) multiple lagging those of peers EWBC, CMA and

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Wells Fargo upgrades Western Alliance as EPS, loan/deposit outlook brightens