Piper Sandler Assumes Private Bancorp of America (PBAM) at Overweight
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Piper Sandler analyst Matthew Clark assumes coverage on Private Bancorp of America (OTC: PBAM) with a Overweight rating and a price target of $24.00.
The analyst comments "We are assuming coverage of PBAM with an Overweight rating partly based on its comparatively strong organic growth prospects with low market share in large, attractive coastal metro markets in SoCal and pristine credit metrics that are expected to persist. We establish 2020 / 2021 EPS estimates of $1.70 / $1.95 that assume 12-13% deposit funded loan growth, a resilient NIM, positive operating leverage & benign credit costs with no NPAs at YE19. We favor this profitability improvement story which is still in its infancy and should gain additional traction in 2020. Our $24 price target is based on 12.0x our 2021 EPS estimate & largely in-line with peers (11.8x) as risk-adjusted returns become more competitive, plus $1 of excess capital."
Shares of Private Bancorp of America closed at $20.80 yesterday.
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