Columbia Banking price target lowered to $23 from $24 at Truist

Truist analyst Brandon King lowered the firm’s price target on Columbia Banking to $23 from $24 and keeps a Hold rating on the shares after its Q1 earnings miss. The firm’s model revisions reflect higher net interest income and lower provisioning offset by lower fee income and higher expenses, the analyst tells investors in a research note. Columbia’s capital levels should rebuild quickly over the coming quarters, but the shares are close to fairly valued at 1.4-times tangible book value, Truist added.