UPDATE: DA Davidson Downgrades Banner Corporation to Neutral on Valuation

DA Davidson downgraded Banner Corporation BANR from Buy to Neutral and maintained a $35.00 price target. DA Davidson noted, "Management delivered in 2012, with Q4 being the finishing touch. With success comes higher expectations and BANR's stock has reflected a significant improvement in fundamentals. Our $35 price target assumes shares get to 1.27x and 15.9x our 2013 TBV and EPS estimates, a blended valuation that seem fair given current and expected performance." Banner Corporation closed at $31.53 on Wednesday.