Truist lowered the firm’s price target on Banc of California to $15 from $16 and keeps a Hold rating on the shares as part of a broader Q1 earnings recap research note on Regional and Community Banks. The firm now sees Fed funds rate forecast shifting to zero cuts in 2024 and four 25bps cuts in 2025, the analyst tells investors in a research note. Truist adds that its revisions reflect lower near term net interest income and lower fee income for the bank offset partially by lower operating expenses.
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