DA Davidson Upgrades Washington Federal (WAFD) to Buy; Positive Q2 Plus Recent Acquisition

DA Davidson upgraded Washington Federal (NASDAQ: WAFD) from Neutral to Buy, price target raised to $20.00.

Analyst, Jeff Rulis, said, "The combination of last week’s acquisition announcement and Q2’s positive results has incrementally improved our outlook for WAFD. Organic loan growth is subdued in the near term, but we feel this is more than accounted for in the current share price – WAFD trades at a 25% discount to peers on P/TBV. With over 20% total return to our revised target, we are upgrading our rating." (FY12 EPS estimate raised $0.01 to $1.27 and FY12 revs from $429.2 mln to $435.5 mln)

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 $16.61 yesterday.

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