UPDATE: Oppenheimer Maintains Western Alliance Bancorporation to Perform

In a report published Monday, Oppenheimer Holdings maintained its rating on Western Alliance Bancorporation (NYSE: WAL) at Perform.

Oppenheimer noted, “Exceeding the positive trends witnessed in the first quarter, Western Alliance reported solid results across the board in 2Q12. Loan growth, the NIM and both fees and expenses were better than expected. Consistent with our view when we downgraded the stock on July 8th (at a price of $9.37), given the positive move in price this year, investors should deploy funds elsewhere and wait for an additional pullback in the stock before re-establishing another position. We believe that WAL is fairly valued today at 1.5x tangible book value and 12.3x our '13 EPS estimate.”

Western Alliance Bancorporation closed on Friday at $9.25.

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