Banc of California upgraded to Overweight from Neutral at JPMorgan

JPMorgan upgraded Banc of California (BANC) to Overweight from Neutral with a price target of $20, up from $17. The firm also placed the shares on “Positive Catalyst Watch.” The bank should be able to reduce its funding costs over the near-term with a limited offsetting headwind from lower earning asset yields, the analyst tells investors in a research note. JPMorgan also sees upside to Banc of California’s 2025 loan and deposit growth outlooks.