Pacific Premier price target lowered to $27 from $32 at DA Davidson

DA Davidson lowered the firm’s price target on Pacific Premier to $27 from $32 but keeps a Buy rating on the shares after its Q1 earnings beat. The company has remained focused on risk management across cycles and has illustrated a proactive view on funding and asset quality, the analyst tells investors in a research note. The firm also sees continued reduction in brokered deposits over the course of 2024, modest loan growth for the remainder of the year following Q1 contraction, and credit outperformance through the cycle.