DA Davidson Downgrades AmericanWest Banc (AWBC) to Neutral
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DA Davidson downgrades AmericanWest Banc (Nasdaq: AWBC) from Buy to Neutral and lowers their price target from $18 to $6. The firm is also cutting their 2008 EPS estimates from a gain of $0.94 to a loss of $1.61, or a loss of $0.04 ex-the goodwill impairment. The firm also cut their 2009 EPS estimates from $1.06 to $0.57.
The firm expects further NIM erosion, a smaller balance sheet and continued elevated credit costs.
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