Private Bancorp assumed with Overweight, $35 target at Piper Sandler

Piper Sandler analyst Matthew Clark assumed coverage of Private Bancorp of America with an Overweight rating and $35 price target. The analyst likes the company’s “stronger organic growth prospects” with low market share in the large, affluent coastal markets in Southern California. Piper believes an opportunity exists for Private Bancorp to materially build upon its low deposit market share in the dense Southern California coastal markets of San Diego, Los Angeles and Orange County over the next several years.