UPDATE: DA Davidson Downgrades Banner Corporation (BANR) to Neutral as Discount Wiped Out
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DA Davidson analyst Jeffrey Rulis downgraded Banner Corporation (NASDAQ: BANR) from Buy to Neutral with a price target of $60.00.
The analyst commented, "A strong stock move on the back of a NW economic reopening and kick started loan growth
has restored a peer trading multiple for Banner, now trading at 14.2x our 2022 EPS estimate and 1.5x current TBV. Searching for catalysts to justify a trading premium, our loan growth, efficiency and PPNR ROTCE projections do not appear to support extending BANR's valuation substantially higher. Therefore, we are downgrading shares of BANR from BUY to NEUTRAL as upside potential to our adjusted $60 target offers less than 15% upside from current levels."
Shares of Banner Corporation closed at $56.52 yesterday.
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