Wunderlich Securities Maintains PCBK Rating, $11 PT

Wunderlich Securities is maintaining its Buy rating on shares of Pacific Continental Corporation PCBK as well as its $11 price target. “PCBK's 4Q10 results of $0.07 were $0.03 lower than consensus, but just a penny below our estimate primarily due to seasonally higher expenses than we expected. NPAs and NPLs were down sequentially, as was the provision for loan losses, marking the sixth consecutive quarter of flat or improving provisioning levels,” Wunderlich Securities writes. “Beyond this, loan balances were in line with expectations and deposit growth remained solid. We believe that current levels understate the inherent value of the company's credit recovery story, supported by abundant capital.” Pacific Continental Corporation closed Thursday at $9.92.