Western Alliance price target lowered to $83 from $85 at Wells Fargo

Wells Fargo analyst Christopher Spahr lowered the firm’s price target on Western Alliance (WAL) to $83 from $85 and keeps an Underweight rating on the shares. Wells views the bank’s $126M loss including First Brands receivables as a “headscratcher” given the company’s response, timing, and prior disclosures. The firm points out its question was not taken on the conference call. The analyst reduced estimates for Western Alliance.