Banc of California price target raised to $16 from $13 at Truist

Truist raised the firm’s price target on Banc of California to $16 from $13 and keeps a Hold rating on the shares as part of a broader research note recapping Q4 results in Community and Regional Banks. The firm’s revisions primarily reflect higher net interest income and lower provisioning offset partially by higher operating expenses, the analyst tells investors in a research note. The financial and strategic merits of the closed merger are compelling, but the stock should trade at a discount to peers given potential integration risks, the firm added.