Oppenheimer Reiterates Outperform on Western Alliance Bancorporation (WAL)

Oppenheimer is out with a research report this morning, where it reiterates its Outperform rating on Western Alliance Bancorporation WAL; it has an $8.50 price target on the stock. The Oppenheimer analysts cited that company's recently reported quarterly earnings results, which were above consensuses estimates, due to higher than expected fee income, which was partially offset by higher than expected provisions and expenses. They said Western Alliance put up one of their best quarters in years with pre-tax, pre-provision earnings above net charge-offs for the first time in ten quarters. They feel that this marks an important inflection point for the company and continue to feel the stock is undervalued at today's price.