Columbia Banking price target raised to $28 from $27 at Wells Fargo

Wells Fargo raised the firm’s price target on Columbia Banking (COLB) to $28 from $27 and keeps an Equal Weight rating on the shares. The firm acknowledges there’s value to be had, but expects results to remain messy into year-end with the close of Pacific Premier (PPBI) moved up to 9/1. Wells doesn’t believe investors should give full credit until the deal is integrated and a clean EPS run rate emerges. The firm sees better near-term value elsewhere.