UPDATE: DA Davidson Raises Target to $7 on CoBiz Financial

DA Davidson reiterates its Neutral rating on CoBiz Financial

and raises its price target on shares to $7 on a good credit quarter and fee income spike that drove EPS. DA Davidson notes, "COBZ reported 4Q11 EPS of $0.57, including a $15.6 million ($0.42) DTA reversal, for core EPS of $0.15. Core EPS beat the DADCO and Street mean estimate of $0.12. The investment banking segment recorded $5.4 million of revenue in 4Q, 75% of its full-year revenue of $7.2 million. Including investment banking, COBZ's operating revenue increased 23% sequentially, excluding the segment operating revenue was 5%." COBZ closed at $6.23 a share on Friday.