UPDATE: Washington Federal (WAFD) PT Lowered to $31 at Piper Jaffray

October 17, 2018 3:26 PM EDT
Get Alerts WAFD Hot Sheet
Price: $31.77 +1.57%

Rating Summary:
    0 Buy, 5 Hold, 1 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 18 | Down: 12 | New: 23
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(Updated - October 17, 2018 3:37 PM EDT)

(updated to add analyst comment, market color)

Piper Jaffray analyst Matthew Clark lowered the price target on Washington Federal (NASDAQ: WAFD) to $31.00 (from $32.00) while maintaining a Neutral rating.

The analyst has a cautious view on the shares: "We trim our fiscal 2019E / 2020E EPS to $2.40 / $2.45 (from $2.50 / $2.50) based on higher expenses. We remain cautious based on our below the Street estimates, some uncertainty around its BSA Agreement & the need to eventually replace PAA / negligible LLPs with sustainable EPS. We also discount its reliance on C&D lending for growth ahead of CECL & increased potential for a related slowdown. We expect the shares to remain somewhat supported by a willingness to pay out 100% of its earnings."

Shares of WAFD trade nearly flat in afternoon trading, being up +0.10%, while SPY is trading down -0,13%.

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