UPDATE: Piper Sandler Downgrades RBB Bancorp (RBB) to Underweight

March 29, 2022 4:07 AM EDT
Get Alerts RBB Hot Sheet
Price: $20.84 +0.82%

Rating Summary:
    1 Buy, 3 Hold, 1 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 4 | Down: 13 | New: 10
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(Updated - March 29, 2022 6:57 AM EDT)

Piper Sandler analyst NIcholas Cucharale downgraded RBB Bancorp (NASDAQ: RBB) from Neutral to Underweight with a price target of $25.50 (from $30.00).

The analyst comments "Reducing Rating on RBB Bancorp from Neutral to Underweight. While we are not expecting downside in the stock over the next twelve months, our new price target of $25.50 implies only 2% upside from the current share price. On a relative basis, our expectation is that RBB shares are likely to underperform our coverage group, which necessitates a reduction in rating to Underweight. In conjunction with this report, we are modestly reducing our forward numbers to account for a higher expense load and softer loan growth projection. We are lowering our 2022 EPS estimate by $0.01 to $3.08 and decreasing our 2023 EPS estimate by $0.05 to $3.13. Our new price target assumes shares trade at 8.1x our 2023 estimate (previously 9.4x our ’23 estimate), which we believe is warranted given increased uncertainty to the outlook."

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

Shares of RBB Bancorp closed at $25.01 yesterday.


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