Piper Jaffray Remains Neutral Following BBCN Bancorp's (BBCN) In-Line Results

Piper Jaffray maintained a Neutral rating on BBCN Bancorp (NASDAQ: BBCN), and cut the price target to $16.00 (from $18.00), following the company's in-line 4Q earnings report. Piper Jaffray's pending acquisition of WIBC should help in driving improved profitability.

Analyst Matthew Clark commented, "We maintain our EPS estimates after BBCN posted in-line results. Our enthusiasm is tempered by the CRE-heavy growth that only increased its concentration, reserve build that reverses a recent trend and flat expenses, all of which remain headwinds, in our view. The margin outlook also remains a challenge with new business going on the books 42 bps below the portfolio and run-off of purchase accounting accretion. Fortunately, its pending acquisition of WIBC should help in driving improved profitability."

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

Shares of BBCN Bancorp closed at $14.82 yesterday.

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