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Sandler initiates Pacific City Financial at 'buy'

Initiation

Aaron James Deer of Sandler O'Neill & Partners is now covering Los Angeles-based Pacific City Financial Corp.'s stock. He gave it a "buy" rating and set its price target at $23.

The analyst introduced Pacific City's EPS estimates at $1.72 for 2018, $1.85 for 2019 and $2.05 for 2020.

Deer wrote that "Pacific City has grown through de novo branch expansion and the opening of loan production offices in key markets, increasing both loans and deposits at an 18% [compound annual growth rate] over the past five years."

The analyst further wrote that Pacific City is well-poised for above-average growth, profiting from its focus on a rapidly growing niche demographic and openings of de novo branches in new markets.