DA Davidson Starts CoBiz Financial (COBZ) at Neutral; Safe Recovery Play With Limited Intermediate Term Upside
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Price: $22.14 --0%
Rating Summary:
2 Buy, 5 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 6 | New: 26
Rating Summary:
2 Buy, 5 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 6 | New: 26
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DA Davidson initiates coverage on CoBiz Financial (NASDAQ: COBZ) with a Neutral. PT $6.50.
DA analyst said, "Improving profitability and favorable competitive dynamics, close to fairly valued. We think COBZ is well-positioned from a competitive perspective in both Colorado and Arizona as many of the smaller institutions in those markets continue to struggle post-recession. With improving asset quality and sufficient balance sheet capacity we think COBZ should be able to capture incremental lending opportunities via new lending as well as moving market share from other banks. That said, COBZ is already trading at a premium to peers and we think additional multiple expansion opportunities are modest over the intermediate term."
For more ratings news on CoBiz Financial click here and for the rating history of CoBiz Financial click here.
Shares of CoBiz Financial closed at $6.06 yesterday.
DA analyst said, "Improving profitability and favorable competitive dynamics, close to fairly valued. We think COBZ is well-positioned from a competitive perspective in both Colorado and Arizona as many of the smaller institutions in those markets continue to struggle post-recession. With improving asset quality and sufficient balance sheet capacity we think COBZ should be able to capture incremental lending opportunities via new lending as well as moving market share from other banks. That said, COBZ is already trading at a premium to peers and we think additional multiple expansion opportunities are modest over the intermediate term."
For more ratings news on CoBiz Financial click here and for the rating history of CoBiz Financial click here.
Shares of CoBiz Financial closed at $6.06 yesterday.
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