DA Davidson analyst Jeff Rulis downgraded WaFd (WAFD) to Neutral from Buy with a price target of $32, down from $35. The cites the company’s “sizable strategic pivot,” fiscal Q1 earnings miss and below-peer profitability outlook for the downgrade. The bank’s exit from the single family residence mortgage business is well-founded, but distractions and headwinds are likely in the short run, the analyst tells investors in a research note. DA believes WaFd did not clearly communicate its operational results, which will drive diminishing investor confidence.
Confident Investing Starts Here:
- Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions
- Receive undervalued, market resilient stocks straight to you inbox with TipRanks' Smart Value Newsletter
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Looking for a trading platform? Check out TipRanks' Best Online Brokers , and find the ideal broker for your trades.
Report an Issue