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Wells Fargo upgrades Umpqua Holdings to Overweight, raises target to $22
The Fly

Wells Fargo upgrades Umpqua Holdings to Overweight, raises target to $22

As previously reported, Wells Fargo analyst Jared Shaw upgraded Umpqua Holdings to Overweight from Equal Weight with a price target of $22, up from $20. With the pending merger nearly complete and only awaiting FDIC final approval, the analyst views the combined company as one that matches his "Own the Value" theme, with stable growth, differentiated funding and solid credit. Additionally, given the length of time deal approval has taken, the companies have been able to do significant pre-integration work, which Shaw believes will make final integration that much easier. Based on the additional benefits from higher rates, a lower than average assume deposit beta and stable markets which should provide a consistent growth runway, the analyst thinks believe Umpqua offers improved value at these levels.

Published first on TheFly

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