Banc of California price target raised to $21 from $17.50 at Piper Sandler

Piper Sandler raised the firm’s price target on Banc of California to $21 from $17.50 and keeps an Overweight rating on the shares. The firm is also raising its 2024/2025 EPS to $1.63/$2.05 from $1.20/$1.85 based on stronger net interest income, better fees, and more benign credit costs partly offset by higher NIE.