Sandler O'Neill analyst Andrew Liesch upgraded People's Utah Bancorp to Buy from Hold ahead of the company's Q1 earnings report, noting that the bank has consistently posted strong operating results since its IPO in 2015 but that the stock has declined 15% year-to-date and underperformed the Nasdaq Bank Index. The shares are currently trading at a discount to peer western community banks, but he expects a return to the premium valuation the stock has traded at in the past, Liesch tells investors. Liesch lowered his price target on People's Utah shares to $30 from $32.