PacWest Situation Stabilized But Risks Still Nag, Bove Says (1)

PacWest Bancorp’s quick response to the regional bank turmoil earlier this year put the firm on the right track, but unknowns persist as its strained position plays out.

That’s according to Odeon Capital’s Dick Bove, who initiated coverage of the hard-hit stock with a hold rating. As PacWest navigates a recovery from the sector tumult earlier this year that drove out billions of dollars of deposits and slammed its stock price, the analyst joins a chorus of Wall Street watchers saying to stay steady on the name.

“I am impressed by what this company has done in the past ...