UPDATE: FIG Partners Downgrades Western Alliance Bancorporation to Market Perform on Valuation

FIG Partners reduced its rating on Western Alliance Bancorporation

from Outperform to Market Perform but raised its price target from $11 to $12. FIG Partners commented, "In our opinion, investors should be intrigued with WAL. We anticipate the company will make more money and grow tangible book value faster in 2013 than it has in the last four years. We also believe the market is pricing WAL's forward EPS at an unrealistic multiple to earnings. The current price-to-earnings multiple is 15x, while we believe a more realistic multiple is less than 13x." Western Alliance Bancorporation closed at $10.95 on Monday.