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Fly News Breaks for March 6, 2019
BANC
Mar 6, 2019 | 09:04 EDT
B. Riley FBR analyst Steve Moss views the resignation of Banc of California CEO Doug Bowers as a negative given his relatively short tenure into the company's turnaround. The analyst is concerned that the resignation, in part, could reflect the significant challenges Banc of California faces to improve its franchise. Further, he believes an acquisition "would be difficult to undertake," given a relatively low tangible book value valuation. Moss views the shares as fully valued and keeps a Neutral rating on the name with a $14 price target.
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