California BanCorp assumed with an Overweight at Piper Sandler

Piper Sandler analyst Nathan Race assumed coverage of California BanCorp with an Overweight rating and $19 price target. The shares deserve a premium valuation to peers given California BanCorp’s higher quality balance sheet profile, at least peer-like profitability outlook, as well as more benign credit quality expectations, the analyst tells investors in a research note.