Piper Jaffray Upgrades BBCN Bancorp (BBCN) to Neutral

Piper Jaffray upgraded BBCN Bancorp (NASDAQ: BBCN) from Underweight to Neutral with a price target of $18.00 (from $15.00).

Analyst Matthew Clark commented, "We are upgrading the shares of BBCN to Neutral (from Underweight) based on our higher earnings estimates associated with its pending merger of equals (MOE) with WIBC. Specifically, we are increasing our 2016 / 2017 EPS estimates to $1.25 / $1.45 (from $1.21 / $1.28). Our target increases to $18 (from $15) consistent with 12.5x our 2017 EPS estimate and reflective of a discount to peers (13.4x) due to its CRE concentration and regulatory related expense risks associated with jumping over $10B in assets."

For an analyst ratings summary and ratings history on BBCN Bancorp click here. For more ratings news on BBCN Bancorp click here.

Shares of BBCN Bancorp closed at $18.18 yesterday.

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