Citigroup initiates coverage of Banc of California with 'neutral' rating
10/10/2024 19:23
** Citigroup initiates coverage of U.S. regional lender Banc
of California BANC.N with "neutral" rating, PT of $15
** Brokerage expects BANC profit to improve as it is well
positioned for rate cuts
** BANC's integration with PacWest Bancorp opens up
attractive markets with potential of above-peer loan growth,
says Citigroup
** 6 of 10 brokerages rate the stock "buy" or higher, 4
"hold"; their median PT is $16 — data compiled by LSEG
** Including session's moves, stock up ~2.68% YTD
(Reporting by Prakhar Srivastava in Bengaluru)
((Prakhar.srivastava2@thomsonreuters.com))