UPDATE: Jefferies Reiterates Buy Rating, Raises PT on Western Alliance Bancorporation

In a report published Monday, Jefferies reiterated its Buy rating on Western Alliance Bancorporation WAL, and raised its price target from $12.50 to $15.00. Jefferies noted, “Post strong 4Q results, we raise our '13/'14 estimates to $0.95/$1.15 (from $0.85/$0.95). WAL continues to take advantage of a weak competitive landscape via organic growth and is now executing successfully on M&A opportunities (e.g. Western Liberty/Centennial deals). Despite a strong run (up 55% since 1/27/12), we still see a "Vegas" discount in P/E (12.5x vs. 14x peer avg.) with room for multiple expansion. Reiterate Buy.” Western Alliance Bancorporation closed on Friday at $12.36.