California Bancorp price target lowered to $19 from $23 at Keefe Bruyette

Keefe Bruyette lowered the firm’s price target on California Bancorp to $19 from $23 and keeps an Outperform rating on the shares following the merger close. The analyst believes the shares “trade too cheap” and that over time California Bancorp’s multiple should normalize higher as the company executes on the merger.