Oppenheimer Maintains Outperform on Western Alliance Bancorporation (WAL)

Oppenheimer is out with its report today on Western Alliance Bancorporation WAL, maintaining Outperform.

In a note to clients, Oppenheimer writes, "Loan quality and demand in Arizona and California have turned the corner for Western Alliance, and it now appears the worst has passed in Nevada with stability emerging in that market. Expense reductions and higher net interest income should keep pre-tax, pre-provision levels stable to improving in 2011. Western Alliance's growth model is back in place, and better risk management practices should drive more consistent risk-adjusted returns in the future. Last, we believe the board will not miss the M&A window again, when it is time to sell the bank. Our rating remains Outperform."

Shares of WAL closed Friday at $7.94, down 1.61% from Thursday's close.