DA Davidson lowered the firm’s price target on Banc of California to $17.50 from $20 and keeps a Buy rating on the shares. The company revised its Q1 results to reflect less discount accretion benefits versus the originally reported level due to the discovery of data onboarding issues as it relates to the loan system, and the impact of the revision will flow forward, reducing forward accretion benefit expectations and lowering its EPS outlook, the analyst tells investors in a research note.
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