UPDATE: Truist Securities Upgrades PacWest Bancorp (PACW) to Buy
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Truist Securities analyst Brandon Kiing upgraded PacWest Bancorp (NASDAQ: PACW) from Hold to Buy with a price target of $50.00 (from $44.00).
The analyst comments "We are upgrading PACW shares to Buy from Hold with a $50 PT and 2021/2022 estimates at $4.85/$4.40. Our thesis: (1) PACW’s growing excess liquidity position gives the company outsized optionality to improve earnings power by as much as 20%. 2) Loan growth is poised to accelerate with Civic production and strategic loan purchases. (3) Credit issues are in the rearview mirror and losses so far this year has been lower than peers. (4) The stock is still trading at a material EPS discount to peers, which should narrow as earnings potential is realized from the deployment of excess liquidity."
Shares of PacWest Bancorp closed at $41.15 yesterday.
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