Banc of California price target raised to $18 from $17 at Raymond James

Raymond James raised the firm’s price target on Banc of California (BANC) to $18 from $17 and keeps an Outperform rating on the shares. Banc of California’s Q4 results exceeded forecasts and demonstrate significant progress on its operational turnaround and provides increased confidence in future performance, though it will take time to achieve its 1.1% Return on Average Assets and 13% Return on Average Tangible Common Equity profitability targets, the analyst tells investors in a research note. The firm expects multiple expansion as it executes on its turnaround, leaving the risk/reward skewing favorably.