Wunderlich Reiterates Buy on Columbia Banking System, Reduces PT to $22

Wunderlich reiterates its Buy rating on Columbia Banking System COLB. At the same time, Wunderlich lowered its price target on the company's stock to $22. In a research report published today, Wunderlich states, "We maintain our Buy rating on shares of Columbia Banking System (COLB), but we are lowering our price target to $22 after the company completed two FDIC-assisted acquisitions on successive weekends in May." On Monday, Columbia Banking System closed the day at $17.25.