Banc of California upgraded to Overweight from Equal Weight at Wells Fargo

Wells Fargo upgraded Banc of California (BANC) to Overweight from Equal Weight with a price target of $20, up from $17. The firm is more constructive given its desire to “own” the post Q1 2025 net interest income inflection, steeper curve, better early deposit betas, and regulatory relief. Wells believes momentum continues in Q4, with EPS marching toward to a normalized level. Much of the low-hanging fruit has already been picked, but upside remains, says the firm.