Keefe Bruyette analyst Christopher McGratty upgraded Columbia Banking (COLB) to Outperform from Market Perform with a price target of $31, up from $30. The firm said it can no longer ignore the compelling risk/reward setup at Columbia Banking System and returns to Outperform after a nearly 18-month hiatus. The firm’s positive thesis is rooted in five key areas, namely: a cheap stock that’s meaningfully lagged; improved earnings visibility/consistency; capital flexibility/buyback catalyst; peer-leading returns, and; compelling risk/reward.
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