Banc of California price target raised to $19 from $17 at Stephens

Stephens analyst Andrew Terrell raised the firm’s price target on Banc of California to $19 from $17 and keeps an Equal Weight rating on the shares after updating his 2022, 2023, and 2024 operating EPS estimates. While he continues to take a positive longer-term view on Banc of California, he remains cautious on the near-term margin trajectory and notes that his out year estimates are about 7% below consensus.