UPDATE: DA Davidson Initiates Buy, $12 Target on Hanmi Financial Corporation

DA Davidson initiates its coverage on Hanmi Financial Corporation

with a Buy rating and a price target of $12 on improved capital position and upcoming regulatory relief. DA Davidson says, "HAFC has been burdened by higher credit costs, regulatory orders, and capital pressures since 2008. With a more aggressive asset disposition strategy paying benefits via lower NPAs and classified assets, and a successful series of capital offerings, we think HAFC is better positioned to turn its focus toward growth opportunities as the economic recovery continues." HAFC closed at $8.59 a share on Thursday.