Keefe, Bruyette & Woods upgrades Pacific Capital Bancorp (PCBC) to Market Perform
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Keefe, Bruyette & Woods upgrades Pacific Capital Bancorp (Nasdaq: PCBC) to Market Perform. Price target $5.
Keefe analyst says, "We are upgrading PCBC to MP based on valuation. The shares have come in below our price target and we do not feel that an UP rating is still warranted at these levels. Our outlook for PCBC and the California banking market has not changed (we remain cautious) and we are not changing our price target at this time. We are adjusting our 2009 estimate for the FDIC special assessment."
Pacific Capital Bancorp (PCB) is a community bank holding company providing full service banking, including consumer and commercial lending, trust and investment advisory services, and other consumer and business banking products through its subsidiaries’ retail branches, commercial and wealth management centers, and other distribution channels to consumers and businesses primarily located in the central coast of California.
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