Raymond James Upgrades PacWest Bancorp (PACW) to Strong Buy

April 22, 2021 7:09 AM EDT
Get Alerts PACW Hot Sheet
Price: $44.41 +4.15%

Rating Summary:
    12 Buy, 5 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 16 | Down: 13 | New: 52
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Raymond James analyst David Long upgraded PacWest Bancorp (NASDAQ: PACW) from Outperform to Strong Buy with a price target of $48.00.

The analyst comments "We are upgrading shares of PACW from Market Perform to Strong Buy following its release of 1Q financial results. Our upgrade is based on our view that PacWest's earnings power and growth potential have been recently enhanced by strong organic growth and acquisitions. Additionally, we believe the bank is well positioned to benefit from higher interest rates. Finally, with PACW shares trading at a material discount to peers at just 10x 2022 EPS, we believe the bank will stand out as investors focus more attention towards P/ E based valuations."

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

Shares of PacWest Bancorp closed at $39.79 yesterday.

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