Deutsche Bank Reiterates Buy On FCB Financial, Increases PT To $27


In a research report released today, Deutsche Bank analyst Dave Rochester reiterated a Buy rating on FCB Financial Holdings Inc (NYSE:FCB), and raised his price target to $27 (from $26), following investor meetings with Vincent Tese (Chairman), Kent Ellert (President/CEO), and Matt Paluch (IR).

Rochester observed, “We believe shares of FCB continue to offer an attractive entry point into a multi-year growth story that offers a solid opportunity for share outperformance with/without higher short-term interest rates, and expect shares to trade at a premium P/E multiple over time as management proves to the market that it can continue to execute on strong organic growth while maintaining tight credit controls and constraining expense growth. We recently hosted investor meetings with Vincent Tese (Chairman), Kent Ellert (President/CEO), and Matt Paluch (IR) and came away with greater comfort in FCB’s ability to (1) achieve its quarterly run-rate expense target of $30M or below through FY16 and (2) execute on its loan growth goal of at least $1B per year while maintaining strong credit standards. Additionally, we gained further appreciation for FCB’s efforts to build a bank that could readily partner up with a much larger institution prior to its needing to build out systems to prepare for the $10B asset threshold.”

According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Dave Rochester has a total average return of 8.4% and a 85.7% success rate. Rochester is ranked #1160 out of 3358 analysts.

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