Pacific Premier price target lowered to $20 from $23 at Wedbush

Wedbush analyst David Chiaverini lowered the firm’s price target on Pacific Premier to $20 from $23 and keeps a Neutral rating on the shares. The firm notes Pacific Premier reported a challenging quarter and provided a mixed guidance update. Deposit growth was lower than expected, driven by both interest and noninterest bearing outflows. That said, Pacific Premier was able to reduce higher cost brokered deposits by $490M in the quarter, Wedbush adds.