Western Alliance cut to Underweight at Wells Fargo on recent outperformance (WAL:NYSE)

Group 1 - Wells Fargo Securities downgraded Western Alliance Bancorporation (NYSE: WAL) stock to Underweight from Equal Weight due to limited room for additional outperformance [3] - The shares have re-rated back to their historical 2x PE discount over the last 3 months, indicating a trend of underperformance [3]