UPDATE: Piper Sandler Upgrades TriCo Bancshares (TCBK) to Overweight

August 2, 2021 4:09 PM EDT
Get Alerts TCBK Hot Sheet
Price: $43.23 --0%

Rating Summary:
    5 Buy, 1 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 4 | Down: 10 | New: 22
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(Updated - August 3, 2021 4:26 AM EDT)

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)."

For an analyst ratings summary and ratings history on TriCo Bancshares click here. For more ratings news on TriCo Bancshares click here.

Shares of TriCo Bancshares closed at $39.43 yesterday.


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