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NEW YORK (TheStreet) -- Western Alliance Bancorporation (WAL) - Get Western Alliance Bancorp Report was upgraded to "buy" from "neutral" at Sterne Agee on Monday.

The firm said it raised its rating on the bank holding company as it believes Western Alliance will be able to outperform its peers in the upcoming quarters.

Sterne Agee set a $28 price target on Western Alliance stock.

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Western Alliance reported its 2014 third quarter earnings results on Thursday of last week, the company posted net income of $40.9 million, or 46 cents per share, compared to $28.6 million, or 33 cents per share for the third quarter of 2013.

Separately, TheStreet Ratings team rates WESTERN ALLIANCE BANCORP as a Buy with a ratings score of A. TheStreet Ratings Team has this to say about their recommendation:

"We rate WESTERN ALLIANCE BANCORP (WAL) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its revenue growth, growth in earnings per share, expanding profit margins, solid stock price performance and notable return on equity. We feel these strengths outweigh the fact that the company shows weak operating cash flow."

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You can view the full analysis from the report here: WAL Ratings Report

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