UBS, 뱅크오브캘리포니아(BANC) 신규 커버리지 개시 — 중립, 목표주가 20달러

출처: Investing.com | 발행일: 2026-09-14 | 애널리스트: UBS

UBS initiated coverage on Banc of California Inc. (NYSE:BANC) with a Neutral rating and a price target of $20.00. "Management has improved the overall quality of the Banc of California franchise, though progress has been masked by credit issues." UBS does not expect valuation expansion since "shares already trade in line with the reduced return on tangible common equity guidance of 12%," adding it is "not expecting a meaningful improvement in profitability through 2028." Fiscal 2027 and 2028 EPS estimates of $1.97 and $2.25 are "7% to 12% below consensus." Second-quarter credit losses and bond restructuring "de-risk near-term results" with "a clearer path for cleaner credit."

요약

• UBS, 뱅크오브캘리포니아(BANC) 신규 커버리지 개시 — 중립, 목표주가 20달러
• 현재가 18.55달러 대비 소폭 상승여력 — 추가 멀티플 확장은 어렵다고 판단
• ROE 12% 가이던스에 이미 주가 반영, 프랜차이즈 개선은 신용 이슈에 가려짐
• FY2027·2028 EPS 각각 1.97·2.25달러 추정 — 컨센서스 대비 7~12% 낮음
• 2분기 신용손실·채권 구조조정으로 단기 리스크는 완화됐으나 수익성 개선은 더딜 전망

원문: Investing.com — UBS initiates Banc of California stock with neutral rating