UPDATE: Wunderlich Securities Downgrades PacWest Bancorp to Hold

According to Wunderlich Securities, PacWest Bancorp

is downgraded to Hold. Wunderlich Securities said that it is downgrading shares of PacWest Bancorp (

) to Hold from Buy as the shares have achieved our $23 price target. “However, we believe such progress is largely discounted in the current share price, and the lack of a near-term catalyst to drive the shares meaningfully higher moves us to the sidelines at this point.” PacWest Bancorp closed yesterday at $22.95.