California Bancorp price target lowered to $20 from $22 at DA Davidson

DA Davidson analyst Gary Tenner lowered the firm’s price target on California Bancorp (BCAL) to $20 from $22 and keeps a Buy rating on the shares. The company reported its first full quarter following the mid-Q3 merger, showing progress in de-risking its loan portfolio through reduced sponsor finance loans and core net interest margin expansion, the analyst tells investors in a research note.