Banc of California initiated with a Neutral at JPMorgan

JPMorgan analyst Anthony Elian initiated coverage of Banc of California (BANC) with a Neutral rating and $18 price target While on the surface Banc of California shares are trading at a sizable 34% discount to estimated 2025 tangible book value, combining this with the below-peer return on tangible equity outlook appears to represent an appropriate discount for the stock, the analyst tells investors in a research note. The firm sees total upside potential in the 10% range and wants to see clearer signs of the company being able to achieve its profitability targets.