Columbia Banking price target lowered to $26 from $27 at Stephens

Stephens analyst Andrew Terrell lowered the firm’s price target on Columbia Banking to $26 from $27 and keeps an Overweight rating on the shares after the bank reported Q2 results that were “somewhat disappointing” as they included a 6% NII miss, a 30 basis point guide down in the FY23 NIM forecast at the midpoint, and PPNR about 13% below the firm’s forecast. While Stephens lowering its estimates by 15% following the quarter and suspects the “Street likely similarly revises,” it is optimistic that estimates have troughed here, the analyst tells investors.