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

The Ratings Game

Some potential beneficiaries of a market bottom in bank stocks would be Western Alliance and Home BancShares, Hovde says

The prediction of a market bottom is coming true at the moment, as bank stocks have rebounded from big losses in the previous session.

Spencer Platt/Getty Images

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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