Western Alliance price target lowered to $93 from $105 at DA Davidson

DA Davidson lowered the firm’s price target on Western Alliance (WAL) to $93 from $105 and keeps a Buy rating on the shares. The firm is citing the company’s $126M charge-off related to Point Bonita Capital as Western Alliance was notified the bank would not be receiving further payment under the forbearance agreement, the analyst tells investors in a research note. DA Davidson adds that its updated price target represents a 9x multiple on 2026 earnings estimates, which is a reduction from the prior 10x multiple given the heightened investor sensitivity to credit risk.