Keefe, Bruyette, & Woods is out with a research report this morning, where it reiterates its Market Perform rating on Preferred Bank PFBC; it has a $1.00 price target on the stock.
The KBW analysts cited the company’s recent earnings report, which was a large miss, but fairly “straight forward.” The company is still working through is plethora of accumulated problem loans and will be for some time.
The analysts noted that, on a per share basis, it looks like a large miss, but on a total basis, “the loss in 2Q was less than $1 million higher than our forecast.”
Although the company raised capital in Q2, the KBW analysts are lowering their price target anyway.
Preferred Bank is a $1.3 billion-in-assets commercial bank focused on serving the ethnic Chinese community in Southern California.
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