5 Inverse Cramer Stocks To Buy According to Analysts

3. Western Alliance Bancorporation (NYSE:WAL) 

Average Upside Potential as of May 29: 53.86%

Average Analyst Price Target: $54.65

Number of Hedge Fund Holders: 31

Return since May 29th: -1.3%

On April 18, Western Alliance Bancorporation (NYSE:WAL) reported strong earnings for the fiscal first quarter of 2023. The company generated a revenue of $712.20 million, up 26.32% year over year, and outperformed market consensus by $46.31 million. The company reported earnings per share of $2.30 and beat EPS expectations by $0.27.

Over the past 3 months Western Alliance Bancorporation (NYSE:WAL) has received 12 Buy ratings and 2 Hold ratings from Wall Street analysts. The stock has an average price target of $54.65 which implies an upside of 53.86% from current levels. Western Alliance Bancorporation (NYSE:WAL) is placed third among the best inverse Cramer stocks to buy now according to analysts.

On May 16, BofA analyst Ebrahim Poonawala retook coverage of Western Alliance Bancorporation (NYSE:WAL) with a Buy rating and revised his price target on the shares to $42 from $48.

At the end of Q1 2023, 31 hedge funds were bullish on Western Alliance Bancorporation (NYSE:WAL) and disclosed stakes worth $546.8 million in the company. Of those, Citadel Investment Group was the largest shareholder in the company and held a stake worth $206.5 million.

ClearBridge Investments made the following comment about Western Alliance Bancorporation (NYSE:WAL) in its Q1 2023 investor letter:

“We sold our investment in Western Alliance Bancorporation (NYSE:WAL), in the financials sector, after considerable debate. The company provides various banking products and related services primarily in Arizona, California, and Nevada. We underappreciated the risk of rapid depositor exodus at other financial companies in the wake of the collapse of SIVB, which became engulfed by depositor outflows. Although we believe that policy response was solid, with depositor protection and liquidity programs for similarly pressured institutions, our investment in Western Alliance Bancorp became substantially higher risk and more volatile than we had imagined.”