UPDATE: D.A. Davidson Downgrades PacWest Bancorp to Neutral, Reiterates $30 PT Pending Acquisition of First California Financial

In a report published Wednesday, D.A. Davidson downgraded its rating on PacWest Bancorp

from Buy to Neutral, and reiterated its $30.00 price target. D.A. Davidson noted, “Downgrading to NEUTRAL from Buy. PACW shares have appreciated 28% since we upgraded the stock to Buy on October 18, 2012, compared to 4.3% for the Nasdaq Bank Index. We believe the outperformance was driven by the November 6th announcement of the highly-accretive First California Financial Group (FCAL* – NEUTRAL - $8.14) acquisition as well as the recently announced strong fourth quarter results.” PacWest Bancorp closed on Tuesday at $27.92.