Western Alliance downgraded to Neutral from Buy at UBS

UBS downgraded Western Alliance (WAL) to Neutral from Buy with a price target of $75, down from $106, after assuming coverage of the name. The firm sees “no reason to seek out risk in a group already fraught with concern.” Western Alliance faces concerns surrounding its credit, and secondarily in its earnings in a “higher-for-longer” rate environment, the analyst tells investors in a research note. UBS says this offsets what appears to be a discounted valuation.