Raymond James analyst David Feaster lowered the firm’s price target on Pacific Premier (PPBI) to $25 from $28 and keeps an Outperform rating on the shares. The firm sees the announced sale to Columbia Banking (COLB) as a huge win for Pacific Premier shareholders, with significant value unlocked almost immediately from the deal that could have taken years to unlock had management chosen to remain on its own, the analyst tells investors in a research note. Raymond James views the deal favorably, and believes the risk-reward continues to skew favorably for Pacific Premier shares.
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