UPDATE: DA Davidson Upgrades Columbia Banking System to Buy on Pullback

DA Davidson raises its rating on Columbia Banking System 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.