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PacWest Downgraded To Neutral By D.A. Davidson

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PacWest Downgraded To Neutral By D.A. Davidson

On Friday, PacWest Bancorp (NASDAQ: 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."

Related Link: Bank Earnings Blitz: PNC, UBS, Citigroup And Wells Fargo Deliver Solid Numbers

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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Latest Ratings for PACW

DateFirmActionFromTo
Feb 2021Stephens & Co.UpgradesEqual-WeightOverweight
Jan 2021Keefe, Bruyette & WoodsUpgradesMarket PerformOutperform
Jan 2021Wells FargoUpgradesEqual-WeightOverweight

View More Analyst Ratings for PACW
View the Latest Analyst Ratings

 

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Posted-In: D.A. Davidson Gary TennerAnalyst Color Earnings News Downgrades Price Target Analyst Ratings

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