DA Davidson Upgrades Wilshire Bancorp (WIBC) to Buy; 3Q11 Review: Credit Repair Continues, Returns Should Follow

DA Davidson upgraded Wilshire Bancorp (NASDAQ: WIBC) from Neutral to Buy, price target raised from $3 to $4.

DA analyst says, "WIBC reported 3Q11 EPS of $0.14, $0.08 ahead of our estimate. EPS upside was driven by a lower than expected provision for loan losses (added $0.06) and lower income tax expense (added $0.02)."

"We have increased confidence in WIBC’s ability to generate
improved and sustained profitability. We believe the company’s stronger asset
quality position should be a driver in eliminating the trading discount versus TBV."

For more ratings news on Wilshire Bancorp click here and for the rating history of Wilshire Bancorp click here.

Shares of Wilshire Bancorp closed at $3.25 yesterday.

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• UBS Upgrades UDR, Inc. (UDR) to Buy
• HSBC Upgrades UPS (UPS) to Buy, 'Back to earnings growth'
• Piper Sandler Upgrades SmartFinancial (SMBK) to Overweight 'on Risk/Reward Dynamic for Clean Bank Under TBVPS'