Western Alliance price target lowered to $90 from $100 at BofA

BofA lowered the firm’s price target on Western Alliance (WAL) to $90 from $100 and keeps a Buy rating on the shares. The company announced a $126M write-off tied to a previously disclosed distressed loan to a fund owned by Jefferies Financial, the analyst tells investors in a research note. The firm says the “unexpected” write-off relative to prior expectations for a full recovery occurred due to Jefferies abruptly deciding to stop making payments. BofA reduced Western’s estimates citing higher provisions and charge-offs.