UPDATE: DA Davidson Upgrades Columbia Banking System to Buy on Pullback
DA Davidson raises its rating on Columbia Banking System (NASDAQ: COLB) from Neutral to Buy and raises its price target from $22.50 to $23.
DA Davidson notes, "Over the last two months and since the time of our downgrade to Neutral, COLB shares have declined nearly 25%. This compares to the NASDAQ Bank Index decline of ~9% over the same period. Disappointing Q1'12 results (reported EPS of $0.22 was $0.09 below consensus) in late April and the sudden departure of the company's CFO in mid-May likely contributed to the underperformance."
COLB closed at $17.39 on Friday.
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