Citi upgraded Banc of California (BANC) to Buy from Neutral with a price target of $21.50, up from $18. The bank’s lending business and fixed asset repricing should drive above-peer net interest margin improvement, the analyst tells investors in a research note. Citi sees a visibility into a $2 earnings per share run rate for Banc of California and cites the bank’s “materially stronger earnings outlook” in 2026 for the upgrade.
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