UPDATE: FIG Partners Raises PT to $11 on Western Alliance Bancorporation on Acquisition Announcement

FIG Partners reiterated its rating on Western Alliance Bancorporation 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.