Western Alliance downgraded to Hold from Buy at TD Cowen

TD Cowen downgraded Western Alliance (WAL) to Hold from Buy with an $83 price target The bank’s Leucadia Asset Management update adds to a series of recent credit events that have shifted perception of its risk profile, the analyst tells investors in a research note. The firm says that while the bank’s exposures appear idiosyncratic, investor tolerance for future credit events has likely declined, while Western Alliance’s Cantor credit remains unresolved. TD sees the stock remaining in a “penalty box.”