DA Davidson Upgrades CoBiz Financial (COBZ) to Buy; Recent Dip Offers Opportunity

DA Davidson upgraded CoBiz Financial (NASDAQ: COBZ) to Buy with a price target of $7.00.

Analyst, Gary P. Tenner, said, "COBZ shares have underperformed the bank indices over the past five weeks, declining 9% since February 3rd compared to a 3.6% decline for the Nasdaq Bank Index and a 93bp decline for the BKX. The DADCO Financial Institutions Research Universe is down 2.4% over the same time period. In early February, COBZ shares traded at a premium 1.48x TBV and are now trading in line with the 1.28x average for our universe. Given the projected growth in TBV over the next 12-18 months, we think this represents an attractive price level for COBZ shares."

"Our 2012 and 2013 EPS estimates are unchanged at $0.54 and $0.61, respectively."

For an analyst ratings summary and ratings history on CoBiz Financial click here. For more ratings news on CoBiz Financial click here.

Shares of CoBiz Financial closed at $5.56 yesterday.

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