Pacific Premier price target lowered to $32 from $34 at DA Davidson

DA Davidson lowered the firm’s price target on Pacific Premier to $32 from $34 but keeps a Buy rating on the shares. The primary driver of reduced estimates is top line revenue, given the fourth quarter’s lower than expected starting point decline, the analyst tells investors in a research note. The firm adds that it expects positive net interest margin and net interest income trends through 2024 and 2025, although an acceleration of loan growth is the “necessary component”.