Western Alliance Bancorporation's (NYSE:WAL) push toward the $100 billion asset mark — powered by six deposit initiatives hitting an "inflection point" — has JPMorgan more bullish.
The Western Alliance Bancorporation Analyst: Analyst Anthony Elian maintained an Overweight rating, and increased his price target from $92 to $100.
Elian also expects stronger net interest income in 2025.
The Western Alliance Bancorporation Thesis: The company's growth outlook is attractive, according to JPMorgan.
The deposit initiatives and expectations of balance sheet growth momentum continue to fuel net interest income (NII) growth in 2025, Elian says.
Each of Western Alliance’s six deposit initiatives is at an "inflection point" in the firm’s growth trajectory, he added.
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Of these, the digital asset segment is the most in focus, following the signing into law of the GENIUS Act.
Western Alliance has been preparing to cross the threshold of $100 billion in assets since 2021. Elian “found it interesting” to note that if the proposed rules around TLAC are pulled in their entirety.
This would be “more beneficial than if LFI rules go away," the analyst added.
The company's growth outlook may not accelerate to the historical 20%+ balance sheet growth rate if the $100 billion threshold is lifted or eliminated.
WAL Price Action: Shares of Western Alliance had declined by 1.73% to $83.26 at the time of publication on Thursday.
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