UPDATE: DA Davidson Downgrades BBCN Bancorp to Neutral on Valuation

DA Davidson reduced its rating on BBCN Bancorp BBCN from Buy to Neutral but raised its price target from $13 to $14. DA Davidson commented, "BBCN shares have appreciated 75% since its November 2011 capital raise and 36% since the completion of the Nara Bancorp/Center Financial Corporation later that month. We believe the share appreciation reflects the positive results in the first two full quarters post-merger, improving loan production, and the company's positioning within the KoreanAmerican bank sector." BBCN Bancorp closed at $12.67 on Wednesday.