DA Davidson Downgrades Glacier Bancorp (GBCI) to Neutral, No More Significant Upside

DA Davidson downgraded sharers of Glacier Bancorp (NASDAQ: GBCI) to a Neutral rating from its previous rating of Buy and reaffirmed its price target of $15.

With shares trading up 60 percent since October of 2011 and 20 percent year to date, the firm notes the upside is just no longer there. An analyst at DA Davidson comments, "GBCI’s valuation appears appropriate given the franchise’s credit quality clean-up and growth prospects for the foreseeable future."

The firm doesn't anticipate growth will return until 2013, and suspects it will not be strong enough to "offset balance sheet and revenue declines in the near term."

For an analyst ratings summary and ratings history on Glacier Bancorp click here. For more ratings news on Glacier Bancorp click here.

Shares of Glacier Bancorp closed at $14.61 yesterday.

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