DA Davidson analyst Gary Tenner upgraded PacWest Bancorp (PACW) to Buy from Neutral with a price target of $14, up from $8, after the company’s recent announcement that it had agreed to a merger with Banc of California (BANC). The firm thinks the transaction is “beneficial to shareholders of both companies” and accelerates the recovery of value for PacWest shareholders in the wake of the March bank liquidity crisis, noting that it is upgrading shares to to align its PacWest rating with its rating on Banc of California. The firm thinks there is minimal risk of the transaction not closing, as “regulators should welcome the capital infusion and post-deal stability,” the analyst added.
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