Bitcoin price today: falls to 2-week low below $113k ahead of Fed Jackson Hole
Investing.com - DA Davidson has reiterated its Buy rating and $75.00 price target on Private Bancorp of America (OTC:PBAM), representing a 29% upside from the current price of $58. According to InvestingPro data, the stock has already delivered an impressive 54% return over the past year.
The firm noted that Private Bancorp’s first quarter results exceeded expectations, primarily due to stronger-than-anticipated net interest income performance.
This positive outcome was partially offset by higher non-interest expenses, which increased as the bank made new hires, including a team of bankers in Montecito in preparation for a new branch opening, and expanded its loan review process.
DA Davidson acknowledged that loan growth has been challenging for Private Bancorp through the first half of the year, citing Los Angeles wildfires and economic uncertainty as contributing factors, along with what management considers unreasonably low market lending rates.
Despite these challenges, the research firm expressed confidence in Private Bancorp of America’s ability to generate above-peer loan growth over time, supporting its maintained Buy rating.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.