Western Alliance Bancorporation (NYSE:WAL) is among the 11 Most Oversold Stocks to Buy Now.
On March 9, 2026, TD Cowen downgraded Western Alliance Bancorporation (NYSE:WAL) to Hold from Buy with an $83 price target. TD Cowen said the bank’s Leucadia Asset Management update adds to a series of recent credit events that have altered investor perception of its risk profile. While the exposures appear idiosyncratic, TD Cowen believes tolerance for further credit developments has likely declined and noted the Cantor credit situation remains unresolved, leaving the shares in what the firm described as a “penalty box.”
Also on March 9, Wells Fargo upgraded Western Alliance to Equal Weight from Underweight while lowering its price target to $79 from $83. Wells Fargo said the recent selloff has brought the stock closer to tangible book value, making valuation more attractive despite recent missteps. The firm also pointed to a positive view on the bank’s new CFO.
On March 6, 2026, Western Alliance disclosed that Jefferies informed the bank that $126.4M owed under a forbearance agreement would not be paid as agreed. The bank and its collateral agent subsequently filed a complaint in the New York Supreme Court against Jefferies, Leucadia Asset Management, and related parties, alleging breach of contract and fraud tied to a commercial loan collateralized by accounts receivable purchased from First Brands Group. After the defendants failed to make the remaining payments due in the first quarter of 2026, the company recorded a charge-off for the full $126.4M loan balance with a corresponding provision. CEO Kenneth Vecchione said the company acted “swiftly and decisively to protect our stakeholders,” adding that planned securities sale gains and operating expense reductions are expected to offset about $100M of the impact while the company evaluates options to address the remaining gap.
Western Alliance Bancorporation (NYSE:WAL) operates as the bank holding company for Western Alliance Bank, providing commercial and consumer banking services primarily in Arizona, California, and Nevada.
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