Banc of California price target raised to $17 from $16 at Raymond James

Raymond James raised the firm’s price target on Banc of California (BANC) to $17 from $16 and keeps an Outperform rating on the shares. Banc of California’s Q3 results exceeded forecasts, demonstrating significant progress on its operational turnaround and provides increased confidence in future performance, though it will take time to achieve its 1.1% ROAA and 13% ROATCE profitability targets, the analyst tells investors in a research note. Focus is now shifting towards growth, which, combined with significant opportunity for repricing and remixing assets and liabilities, sets the stage for material EPS growth, which will be accelerated given the bank’s liability sensitive balance sheet, Raymond James says.