Washington Federal’s deposit runoff modest, says DA Davidson

DA Davidson keeps a Buy rating and $37 price target on Washington Federal after its Q2 earnings miss. While the company’s results fell short of expectations as net interest margins compression returned and credit costs increased, these were "not unforeseen headwinds", the analyst tells investors in a research note. The firm adds that the bank’s deposit runoff was also modest, and it believes that the credit statistics will likely keep Washington Federal among the best in its coverage universe. The stock offers "solid value and quality investment" for the current and upcoming environment, DA Davidson states.