Western Alliance Bancorp dips after TD Cowen downgrades to 'hold'

Western Alliance Bancorporation

09/03/2026 18:40

** Regional lender Western Alliance Bancorp's WAL.N shares fall 3.3% to $71.44

** TD Cowen downgrades WAL to "hold" from "buy"; cuts PT to $83 from $108, still a 12% upside to stock's last close

** Brokerage says recent credit events at the bank have shifted perception of WAL's risk profile

** WAL said on Friday it had sued investment bank Jefferies Financial JEF.N for not completing payment of $126.4 million it owed to the regional lender for loans tied to bankrupt auto parts supplier First Brands Group, adding that it would charge-off the entire remaining loan balance

** "While the exposures appear idiosyncratic, investor tolerance for future credit events (even if 1x) has likely declined" - TD Cowen

** 13 of 16 brokerages rate the stock "buy" or higher and three "hold"; median PT $100 - data compiled by LSEG

** As of last close, WAL stock down 12% YTD

 (Reporting by Arasu Kannagi Basil in Bengaluru)

 ((ArasuKannagi.Basil@thomsonreuters.com;))