PacWest Bancorp price target lowered to $9 from $13.50 at Wells Fargo

Wells Fargo lowered the firm’s price target on PacWest Bancorp to $9 from $13.50 and keeps an Equal Weight rating on the shares. The frim dropped the price target after changing analysts on the name. It has become more selective on mid-cap banks citing risk to earnings from rates and credit as well as delayed consolidation benefits, “mitigated by inexpensive valuations.”