Raymond James raised the firm’s price target on Columbia Banking to $28 from $26 and keeps an Outperform rating on the shares. The price target change reflects updated Federal funds rate expectations and mid-quarter updates provided by a number of banks, the analyst tells investors in a research note. Raymond James expects third quarter results to be similar to the second quarter, with modest NIM expansion, tempered loan growth, and strong credit quality, but with the added benefit of higher tangible book value due to lower accumulated other comprehensive income marks.
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