UPDATE: FIG Partners Raises PT to $11 on Western Alliance Bancorporation on Acquisition Announcement
FIG Partners reiterated its rating on Western Alliance Bancorporation (NYSE: WAL) and raised its price target from $10.50 to $11.
FIG Partners commented, "Following the company's announced acquisition, we are maintaining our rating on WAL-Western Alliance Bancorp at “Outperform” and increasing our price target to $11.00 (from $10.50). … We estimate 85% of the purchase could be paid for with newly issued shares and 15% with cash. We also anticipate the acquisition to have a low IRR of 3% and be EPS neutral. We admit other deals have had better optics, but WLBC has some key hidden assets of which WAL can take advantage."
Western Alliance Bancorporation closed at $9.54 on Friday.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.