DA Davidson analyst Gary Tenner upgraded PacWest Bancorp to Buy from Neutral with a price target of $29, down from $31. The stock was down 54% on Thursday-Friday amid concerns over contagion from the SVB failure, but the bank’s financial update was largely in-line with the firm’s Q1 expectations, the analyst tells investors in a research note. DA Davidson further cites PacWest’s continued execution of the balance sheet contraction strategy and valuation of 73% of tangible book value.
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