As previously reported, DA Davidson analyst Gary Tenner downgraded Banc of California to Neutral from Buy and kept his $27 price target. The analyst says that yesterday's surprise CEO change announcement ended the market speculation about a potential sale of the company following its recently cancelled events, which he attributes to being the key driver of the gains in shares in recent weeks. Given the management change, expectations of a challenging deposit environment, and a 27% rise in the stock price from the lows, Tenner sees risk-reward on Banc of California as balanced.

Barclays lowered the firm's price target on Banc of California to $15 from $16 and keeps an Equal Weight rating on the shares post the Q1 report. The company guidance was reiterated but Barclays sees a slower path to target profitability as the revenue side lags progress on expenses, the analyst tells investors in a research note.