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Fly News Breaks for January 24, 2020
Jan 24, 2020 | 08:26 EDT
B. Riley FBR analyst Steve Moss downgraded Banc of California to Sell from Neutral with a price target of $15, up from $14. The analyst believes a greater than expected decline in the company's loan and securities portfolio should lead to "sharply lower" net interest income for 2020 despite net interest margin expansion. Additionally, Banc of California's loan growth and profitability are likely to be depressed for an extended period, yet the stock trades at a premium valuation, Moss tells investors in a research note. Further, the analyst does not believe a strategic sale is likely at the current time as the board just appointed a new management team to undertake a new strategy within the past year.
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