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The Ratings Game

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

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.

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Regional bank stocks on Friday recovered all or most of their bruising losses from the previous session, as analysts from Hovde Group and JPMorgan Chase & Co. provided support for the sector that’s been quickly losing ground in recent weeks.

PacWest Bancorp PACW led the snap-back in regional banks with a whopping 81.7% rise at the closing bell. The stock was halted multiple times for volatility during the session as it surpassed its previous record gain on a closing basis of 33.9% on March 14, 2023.