WaFd price target lowered to $34 from $42 at Keefe Bruyette

Keefe Bruyette analyst Kelly Motta lowered the firm’s price target on WaFd (WAFD) to $34 from $42 and keeps a Market Perform rating on the shares. The firm says the company’s exit from its single-family residential origination business further crystallizes its focus on commercial/small business while eliminating associated costs with non-core operation. Keefe sees the shares range-bound pending comfort in the bank’s net interest margin trajectory.