Piper Jaffray Remains Neutral after Washington Federal (WAFD) Reports Weak 1Q Revenue
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Rating Summary:
2 Buy, 4 Hold, 1 Sell
Rating Trend: Up
Today's Overall Ratings:
Up: 13 | Down: 11 | New: 11
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Piper Jaffray maintained a Neutral rating on Washington Federal (NASDAQ: WAFD), and cut the price target to $23.00 (from $24.00), following the company's 1Q16 earnings report. Operating EPS of $0.42 was above consensus' $0.41 estimate. Piper Jaffray remains Neutral based on a flatter curve of late and upside to targets, but WAFD continues to make strides in improving its fundamental profile to become more commercial bank-like.
Analyst Matthew Clark commented, "We are trimming our fiscal 2016E / 2017E operating EPS to $1.70 / $1.76 (from $1.75 / $1.80) and target to $23 (from $24) after WAFD posted operating EPS that was below our expectations due to lower revenues. We remain Neutral based on a flatter curve of late & upside to our target but WAFD continues to make strides in improving its fundamental profile to become more commercial bank-like. We also expect the shares to remain correlated with the yield curve & partly supported by a willingness to pay out 100% of its earnings in the form of dividends and share repurchase."
For an analyst ratings summary and ratings history on Washington Federal click here. For more ratings news on Washington Federal click here.
Shares of Washington Federal closed at $21.36 yesterday.
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