Wells Fargo initiated coverage of Columbia Banking (COLB) with an Overweight rating and $37 price target as a result of the merger with Umpqua (UMPQ). The analyst noted that the delayed regulatory approval of the deal served as a headwind to valuation, as shares of both companies traded at a discounted to level to both historical legacy multiples. With the deal closing, the firm sees an "attractive valuation" with "upside potential."
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