Luther Burbank Corp. (LBC) PT Lowered to $11 at Piper Jaffray
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Piper Jaffray analyst Matthew Clark lowered the price target on Luther Burbank Corp. (NASDAQ: LBC) to $11.00 (from $12.00) while maintaining a Neutral rating.
The analyst remains cautious fiven his below Consensus estimates and the company's NIM in the midst of a rising ST interest rate environment. His reduced PT reflects 1.1x TBV (down from 1.x TBV).
Clark is expecting NIM pressure to continue until the US FED halts its efforts to increase US interest rates.
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