California BanCorp price target lowered to $31 from $36 at DA Davidson

DA Davidson lowered the firm’s price target on California BanCorp (CALB) to $31 from $36 and keeps a Buy rating on the shares. The company’s Q1 net interest income was lower and its expenses were higher, though its announced merger with Southern California Bancorp (BCAL) is going as expected, with estimated close coming in Q3 following a regulatory approval, the analyst tells investors in a research note.