Banc of California price target raised to $17 from $16 at Wells Fargo

Wells Fargo analyst Timur Braziler raised the firm’s price target on Banc of California (BANC) to $17 from $16 and keeps an Equal Weight rating on the shares. Management was able to complete much of the restructuring legwork tied to the PACW deal a quarter early, sending shares higher, the firm notes. There’s still wood to chop in improving the profitability profile, but EPS clarity should improve going forward, Wells adds.