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California BanCorp initiated with a Market Perform at Keefe Bruyette

Keefe Bruyette analyst Wood Lay initiated coverage of California BanCorp with a Market Perform rating and $29 price target, representing approximately 17% upside. The analyst believes California BanCorp offers bank investors an "attractive combination of above-peer organic growth, an improved profitability profile after a multi-year investment period, and an impressive credit track record." Lay is positively biased on the shares longer term, but recognizes the current macro environment "could create unique challenges for high-growth, spread-focused companies across the industry in the year ahead."

Published first on TheFly

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