Stephens lowered the firm’s price target on Banc of California to $14 from $15 and keeps an Equal Weight rating on the shares. While the 29% PPNR miss in Q2 and disappointing guidance were “both clearly frustrating,” the analyst likes that management took what the firm views as a conservative approach to the Q4 guidance. However, the firm’s “Street-low” FY25 operating EPS forecast still comes down 21% to $1.08 following the report, the analyst added.
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