UPDATE: Piper Sandler Upgrades TriCo Bancshares (TCBK) to Overweight
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Piper Sandler analyst Matthew Clark upgraded TriCo Bancshares (NASDAQ: TCBK) from Neutral to Overweight with a price target of $49.00.
The analyst comments "We upgrade TCBK to Overweight based on its discounted valuation for what is among our best managed banks out West; stronger growth, higher reserve / capital flexibility and better profitability should be enhanced with its acquisition of VLLX. We trim our 2021E EPS to $3.77 to incorporate the Day 2 LLP from VLLX while we raise our 2022E EPS to $3.50 to incorporate accretion. No change to our $49 PT which reflects 14.0x our 2022E EPS (from 15.0x on lower market multiples), consistent with a premium to peers (13.0x)."
Shares of TriCo Bancshares closed at $39.43 yesterday.
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