JPMorgan downgraded Western Alliance (WAL) to Neutral from Overweight with a price target of $105, up from $100. Only two interest rate cuts are likely to occur this year per the forward curve, which limits any material relief from lower rates for the bank, the analyst tells investors in a research note. In addition, JPMorgan sees “very little relief” in 2027 earnings credit rate deposit costs for Western Alliance, which prompts the downgrade.
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