PacWest Downgraded To Neutral By D.A. Davidson

On Friday, PacWest Bancorp PACW reported Q2 earnings per share at $0.68 vs. $0.69 estimates and a revenue of $255.9 million vs. $264.9 million estimates.

D.A. Davidson's Gary Tenner downgraded PacWest from Buy to Neutral, while maintaining a $45.00 price target after Q2 earnings per share missed the analyst's $0.72 estimate.

Despite missing earnings, the downgrade was largely due to PacWest's share price rising towards the analyst's 12–18-month price target, said Tenner, "Regardless of the method, we think a significant capital return to shareholders is already priced into the stock."

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Aside from Tenner's 12-month price target, the analyst continued to hold a five-year share price target of $68.00.

Top-Tier Analyst

According to TipRanks, Gary Tenner was the best rated analyst covering PacWest with a 78 percent success rate and a +16.7 percent average return per recommendation. The analyst is rated number 161 out of 4,048 analysts.

At time of writing, PacWest was seen trading at $40.56, down 1.61 percent Monday.

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