Raymond James Upgrades PacWest Bancorp (PACW) to Strong Buy
- Wall Street extends rally as economically sensitive sectors bounce
- China Tells Local Authorities to Prepare For a 'Possible Storm' and Prevent Unrest as Evergrande Crisis Unravels - WSJ
- Salesforce (CRM) Raises FY22 Revenue Guidance; Initiates FY23 Revenue
- Oil prices at two-month highs on tight supplies
- IDFA Seen as a 'Real Headwind' for Facebook (FB) but Analysts Remain Positive
Get inside Wall Street with StreetInsider Premium. Claim your 1-week free trial here.
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."
Shares of PacWest Bancorp closed at $39.79 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Trimble (TRMB) Slips as Morgan Stanley Downgrades to Underweight
- UPDATE: Argus Downgrades Delta Air Lines (DAL) to Hold
- Rite Aid (RAD) Tops Q2 EPS by 1c, Offers Guidance
Create E-mail Alert Related CategoriesAnalyst Comments, Upgrades
Related EntitiesRaymond James, Earnings
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!