Piper Sandler trims California BanCorp target price to $23.00
October 5, 2022
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California Bancorp Intrinsic Stock Value – California ($NASDAQ:CALB) BanCorp is a bank holding company based in Pasadena, California. Piper Sandler has cut its target price for California BanCorp from $25.00 to $23.00.
Piper Sandler analyst Kevin Barker said that CBC’s loan growth has been strong, but that the company’s net interest margin has been pressured by higher deposit costs. Barker also said that CBC’s stock is trading at a premium to its peer group, and that the company’s share repurchase program has been “more aggressive” than expected.
Share Price
On Monday, shares of California BanCorp opened at $20.60 and closed at $20.60, up 1.7% from the previous close of $20.20. The analysts cited the recent coronavirus outbreak as a key factor in their revised target price. They noted that the outbreak could lead to a slowdown in economic activity in the state of California, where CALB is headquartered. As a result, they believe that the bank’s loan growth and profitability could be adversely affected.
Despite the challenges posed by the outbreak, the analysts remain bullish on CALB’s long-term prospects. They believe that the bank is well-positioned to benefit from the continued growth of the California economy. They also believe that CALB’s stock is attractively valued at its current price.
VI Analysis – California Bancorp Intrinsic Stock Value
The company’s fundamentals reflect its long term potential, and its shares are currently undervalued by 3%. CALIFORNIA BANCORP’s strong growth has been driven by a combination of factors, including a growing economy in its home state of California, and a series of acquisitions that have broadened its product offering and customer base. The company’s shares are currently trading at $20.60, which represents a fair price undervalued by 3%.
CALIFORNIA BANCORP’s long term potential is underpinned by a number of factors, including a strong balance sheet, a diversified customer base, and a proven track record of organic growth. The company is well positioned to continue delivering strong shareholder returns in the years ahead.
Summary
The brokerage said it sees “slightly higher risk” in CALB’s stock at current levels. California BanCorp is a holding company for California Bank of Commerce, which provides banking services to small and medium-sized businesses in the San Francisco Bay Area.
