Pacific Premier price target raised to $28 from $25 at Raymond James

Raymond James raised the firm’s price target on Pacific Premier to $28 from $25 and keeps an Outperform rating on the shares. Q2 results were below the firm’s forecast and estimates are being reset lower, but the firm does not give credit for the material optionality the bank has in light of its significant excess capital, where commentary on the call suggests management is increasingly open to deployment opportunities, the analyst tells investors in a research note. The firm continues to view the risk-reward favorably for now.