Columbia Banking System (COLB) PT Lowered to $33 at KBW, Reflecting Trimmed 2025/2026E

Keefe, Bruyette & Woods analyst Chris McGratty lowered the price target on Columbia Banking System (NASDAQ: COLB) to $33.00 (from $34.00) while maintaining a Market Perform rating.

The analyst commented: "Good PPNR trends supported by NIM expansion (+8bps q/q), good core expense control (-2% q/q), and benign credit (7bps ex FinPac). The -2% tweak to our 2025/2026E reflects a touch lower NII, but no dramatic changes to our outlook. Continued expense discipline and deposit repricing are likely to be key drivers of the stock in 2025E and could help narrow the valuation discount that exists today. Maintain MP.

Our outlook is mostly unchanged following 4Q24 results with key considerations in 2025E the ability to continue to manage expenses closely and reprice deposits lower, along with maintaining strong credit quality. If successful, this could support a narrowing of the mid-teen % P/E discount that currently exists on 2025/2026E."

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