UPDATE: DA Davidson Initiates Pacific Premier Bancorp at Buy with $12 PT on Above-Peer Profitability
DA Davidson initiated coverage on Pacific Premier Bancorp (NASDAQ: PPBI) with a Buy rating and a price target of $12.
DA Davidson commented, "After having changed its strategy several times in its history, the company now appears to be on a steady course of developing its commercial bank strategy via growth of C&I and owner occupied CRE. This focus and a disciplined pricing structure have allowed PPBI to maintain a strong ROA and ROE in an environment where many banks of its size are having a more difficult time. In our opinion, PPBI's above peer profitability and improving deposit base are not reflected in the current valuation of the stock, which is deserving of a premium valuation."
Pacific Premier Bancorp closed at $9.00 on Monday.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.