Raymond James Downgrades Pacific Premier Bancorp to Outperform, Raises Price Target to $29
Portfolio Pulse from Benzinga Newsdesk
Raymond James analyst David Feaster downgraded Pacific Premier Bancorp (PPBI) from Strong Buy to Outperform while raising the price target from $26 to $29.
January 30, 2024 | 10:38 am
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NEUTRAL IMPACT
Pacific Premier Bancorp was downgraded by Raymond James from Strong Buy to Outperform, but the price target was increased from $26 to $29.
The downgrade from Strong Buy to Outperform may initially seem negative, but the increase in price target from $26 to $29 suggests that Raymond James still sees growth potential in PPBI, albeit with a more conservative outlook. This mixed signal could lead to a neutral short-term impact on the stock as investors digest both the downgrade and the raised price target.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100