PacWest Bancorp price target raised to $29 from $26 at Truist

Truist analyst Brandon King raised the firm’s price target on PacWest Bancorp to $29 from $26 and keeps a Hold rating on the shares as part of a broader research note updating estimates on Regional Banks. The analyst is forecasting accelerated deposit and funding cost pressure throughout 2023, which will likely pressure net interest margins over the next few quarters. The firm expects investors to gravitate toward bank stocks with conservative credit cultures, better deposit bases and more balance sheet liquidity.