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Friday, February 23, 2024

PacWest, Western Alliance stocks rise as Hovde Group calls ‘near bottom’ in sector after potential ‘market manipulation’

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Hovde Group analysts on Friday said bank stocks offer a “rare entry point” as they called a potential bottom to the steep selloffs in the sector amid speculation about further bank failures despite updates from regional banks on deposit strength.

“There is nothing new fundamentally occurring with bank system deposits (other than the already known movement from lower cost sources),” the analysts said, adding, “we believe investors could be handsomely rewarded.”

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