RBB Bancorp (RBB) PT Raised to $21 at Piper Sandler

Piper Sandler analyst Matthew Clark raised the price target on RBB Bancorp (NASDAQ: RBB) to $21.00 (from $19.00) while maintaining a Neutral rating.

The analyst commented, "We reiterate our Neutral rating on RBB while fine-tuning our 2024E / 2025E EPS to $1.56 / $1.78 and raising our PT to $21 (+$2) which reflects 10.0x our 2025E EPS (from 8.5x our 2025E EPS), consistent with similar peers (9.7x) plus $3 of excess capital (from $3.50 as we give more credit to buybacks). We view RBB as being in the late innings of getting its regulatory house back in order and a B/S that is on the verge of restoring relationship oriented growth with NII / NIM inflecting, credit issues contained, and significant excess capital to support a step-up in buyback activity and eventually accretive M&A. Our Neutral rating is largely due to valuation with the shares already discounting the leveraging of its excess capital."

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