Pacific Premier price target lowered to $25 from $29 at Raymond James

Raymond James lowered the firm’s price target on Pacific Premier to $25 from $29 and keeps an Outperform rating on the shares. The name fits squarely in the firm’s Defense-at-a-Reasonable price bucket, the analyst tells investors in a research note. The bank remains an aggressive manager of credit and continues to proactively address potential issues, resulting in the active sale of special mention/substandard loans and also maintains an elevated loan loss reserve ratio, as well as a fortress-like balance sheet, which provides significant optionality, Raymond James says.