Truist lowered the firm’s price target on Western Alliance (WAL) to $90 from $98 and keeps a Buy rating on the shares as part of a broader research note previewing Q1 for SMID-cap banks. The firm has reduced its estimates to reflect the net charge-offs and coincident security gains taken in Q1 in addition to the higher rate outlook, also noting that it has increased its net charge off view to 30bps per quarter to increase uncertainty around credit, the analyst tells investors in a research note.
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