UPDATE: KBW Raises PT on PacWest Bancorp to $24 (PACW)

KBW is out with its report today on PacWest Bancorp PACW, raising its PT from $23 to $24. In a note to clients, KBW writes, "PACW handily beat the Street by $0.12 with markedly lower provision expenses and a sharp decline in expenses. With the 1Q11 beat we are raising '11 EPS estimates $0.15 to $1.25, raising '12 EPS by $0.05 to $1.65 and keeping 2013 EPS at $1.95. We are also raising our target price $1 to $24." KBW maintains Market Perform on PACW. Shares of PACW closed Wednesday at $21.72.