Western Alliance Stock Rises On Q1 Earnings Beat: Analyst Sees 'Above Peer Upside Potential'
Western Alliance Stock Rises On Q1 Earnings Beat: Analyst Sees 'Above Peer Upside Potential'
Western Alliance Bancorp (NYSE:WAL) investors have been rejoicing with the stock up 3% since the company delivered an earnings beat.
自該公司實現超額收益以來，西方聯盟銀行（紐約證券交易所代碼：WAL）的投資者一直爲該股上漲3％而歡欣鼓舞。
The bank delivered a 3.61% surprise on EPS and a 4.56% surprise on revenue, as it reported Q1 numbers on April 18 after market close.
該銀行在4月18日市場收盤後公佈了第一季度數據，每股收益出人意料地爲3.61％，收入出人意料。
Also Read: Financial Stocks Fall After Earnings, Major Banks Notch 4-Day Losing Streak: Regional Banks Hit Lowest Level Since Late 2023
另請閱讀：金融股在業績後下跌，主要銀行連續4天下跌：地區銀行觸及2023年底以來的最低水平
The Western Alliance Analyst
西方聯盟分析師
JPMorgan analyst Steven Alexopoulos, CFA has an Overweight rating on the stock with a price target of $80. "With the company having reached its financial targets, we see the strong growth continuing through 2024 and 2025," he said.
特許金融分析師摩根大通分析師史蒂芬·阿列克索普洛斯對該股的增持評級，目標股價爲80美元。他說：“隨着公司實現其財務目標，我們預計強勁增長將持續到2024年和2025年。”
The stock trades at an attractive valuation of 7.0x 2024e EPS and an elevated implied cost of equity. Western Alliance presents an opportunity for investors to capitalize on its growth potential. Alexopoulos continues to "see above peer upside potential" with Western Alliance stock.
該股的交易估值極具吸引力，爲2024年每股收益的7.0倍，隱含的股本成本也較高。西方聯盟爲投資者提供了利用其增長潛力的機會。亞歷克索普洛斯繼續 “認爲西方聯盟股票的上行潛力高於同行”。
The Western Alliance Thesis
西方聯盟論文
Alexopoulos suggests that Western Alliance is poised for continued growth. With its recent first-quarter results showcasing strong momentum and the bank achieving key financial targets, it is positioned to outpace its peers in the coming years.
亞歷克索普洛斯表示，西方聯盟已做好持續增長的準備。由於其最近的第一季度業績顯示出強勁的勢頭，該銀行實現了關鍵財務目標，因此它有望在未來幾年內超越同行。
Strategic Efficiency And Notable Achievements
戰略效率和顯著成就
In the aftermath of the challenges faced over the past year – including navigating through market volatility and economic uncertainty – Western Alliance has executed its strategy effectively. The bank focused on increasing its capital and liquidity levels, laying a solid foundation for future growth, the analyst notes.
在過去一年中面臨挑戰——包括應對市場波動和經濟不確定性——之後，西方聯盟有效地執行了其戰略。分析師指出，該銀行專注於提高其資本和流動性水平，爲未來的增長奠定堅實的基礎。
The bank's Q1 earnings further demonstrate robust performance, with notable achievements such as:
該銀行第一季度的收益進一步顯示出強勁的表現，取得了顯著成就，例如：
- a decrease in the loan-to-deposit ratio to 82%
- a Common Equity Tier 1 (CET1) ratio meeting the 11% target
- deposit growth surged, with period-end balances rising by 50% annualized, nearing $7 billion QoQ
- 貸款存款比率下降至82％
- 1 級普通股 (CET1) 比率達到 11% 的目標
- 存款增長激增，期末餘額按年計算增長50％，環比接近70億美元
With these financial targets met, Alexopoulos sees Western Alliance sustaining its strong growth trajectory throughout 2024 and 2025.
隨着這些財務目標的實現，亞歷克索普洛斯認爲西方聯盟在2024年和2025年將保持強勁的增長軌跡。
Despite projected modest loan and deposit growth ranges, the bank has the potential to exceed these targets, leveraging its diverse business verticals and enhanced risk profile.
儘管預計貸款和存款增長幅度不大，但該銀行利用其多樣化的垂直業務領域和增強的風險狀況，有可能超過這些目標。
Positioned To Benefit From Rate Cuts
有望從降息中受益
Moreover, Western Alliance stands in a favorable position to benefit from future Federal Reserve rate cuts. As interest rates decline, the bank expects to see increased loan demand, further bolstering its loan growth outlook. Additionally, Western Alliance anticipates lower deposit costs on its ECR deposits, which will mitigate the impact of reduced earning asset yields, Alexopoulos notes.
此外，西方聯盟處於有利地位，可以從未來的聯儲局降息中受益。隨着利率的下降，該銀行預計貸款需求將增加，從而進一步提振其貸款增長前景。此外，Alexopoulos指出，西方聯盟預計其ECR存款的存款成本將降低，這將減輕收益資產收益率下降的影響。
Looking ahead, the analyst outlines optimistic projections for Western Alliance in 2024. He sees an increase in loans held for investment (HFI) by $4 billion annually and a surge in deposits by $11 billion annually. Net interest income and fee income are also expected to rise backed by "several tailwinds", while expenses, including ECR deposit costs, are projected to increase moderately.
展望未來，該分析師概述了對2024年西方聯盟的樂觀預測。他預計，每年持有的投資貸款（HFI）將增加40億美元，存款每年將增加110億美元。在 “一些不利因素” 的支持下，預計淨利息收入和費用收入也將增加，而包括歐洲央行存款成本在內的支出預計將適度增加。
Western Alliance Bancorp stands out as a "top pick" in the banking sector, primed to deliver above-peer growth and sustained value creation for shareholders.
西方聯盟銀行作爲銀行業的 “首選” 脫穎而出，準備爲股東提供高於同行的增長和持續的價值創造。
WAL Price Action: Western Alliance stock was up 2.3% at $58.77 at the time of publication Monday.
WAL價格走勢：週一公佈時，西方聯盟股價上漲2.3％，至58.77美元。
Photo: Shutterstock
照片：Shutterstock
譯文內容由第三人軟體翻譯。