PacWest Bancorp.'s stock could rebound as fears around regional banks ease, according to Piper Sandler.
PacWest Bancorp has withstood large withdrawals in deposits, and the regional bank stock is now set up for a rebound, according to Piper Sander. Analyst Matthew Clark reiterated his overweight rating on the stock in a Wednesday evening note, saying the company appeared to be on solid footing despite recent deposit outflows.
mountain PacWest's stock has dropped sharply since the failure of SVB. The company also said Wednesday that deposits have stabilized and that it had decided against a capital raise. Piper Sandler has a price target of $33 per share for PacWest, which is more than 200% above where the stock closed on Wednesday. To be sure, there will be some earnings impact from the deposit outflows, Clark wrote. The stock was trading above $40 per share a year ago.
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