Keefe, Bruyette and Woods Downgrades Pacific Capital Bancorp (PCBC) to Underperform
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Keefe, Bruyette and Woods downgrades Pacific Capital Bancorp (Nasdaq: PCBC) to Underperform. Price target $12.
Keefe analyst says, "At the end of 2008, the general economy weakened noticeably, leading us to a more negative outlook for C&I and CRE loan portfolio performance and an expectation for accelerated credit costs in 2009. Any relief that a rebound in net interest margin may provide has been postponed with the most recent Fed Funds rate cut. We have aligned our stress-case and earnings model to take into account these developments."
Pacific Capital Bancorp (Bancorp) is a bank holding company and has five subsidiaries; Pacific Capital Bank, N.A. (PCBNA) and four wholly owned unconsolidated subsidiaries, used as business trusts in connection with issuance of trust-preferred securities.
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