California BanCorp price target lowered to $26 from $27 at Piper Sandler

Piper Sandler lowered the firm’s price target on California BanCorp (CALB) to $26 from $27 and keeps an Overweight rating on the shares. The firm is also adjusting its 2024/2025 EPS to $2.15/$2.00 from $2.20/$2.05 to reflect a lower loan growth starting point following Q1. Piper expects California to continue to conservatively manage its balance sheet as preparations remain ongoing for its MOE with Southern California Bancorp (BCAL) that is expected to close during Q3 2024.