D.A. Davidson analyst, Gary P. Tenner, has reiterated a buy rating and set a price target of $64 per share for Western Alliance Bancorp (WAL), even though the stock has been outperforming its competitors in recent weeks. Despite the stock's impressive rally, Tenner believes that the current valuation does not align with the company's projected profitability.

Since reaching a low point in May during the regional bank crisis, which saw the demise of Silicon Valley Bank and two other banks, Western Alliance Bancorp's stock has surged by an impressive 180%. This performance has surpassed the 21% gain of the regional bank index. However, despite this strong recovery, the stock is still down approximately 14% year-to-date in 2023.

One positive indication for the bank is that its deposits have rebounded after an initial decline following Silicon Valley Bank's bankruptcy. This growth in deposits demonstrates renewed confidence in Western Alliance Bancorp.

In premarket trades on Tuesday, Western Alliance Bancorp's stock was down by 0.6%. However, Tenner's buy rating and price target indicate his continued optimism for the company's future prospects.

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