Columbia Banking price target raised to $35 from $31 at Wedbush

Wedbush raised the firm’s price target on Columbia Banking (COLB) to $35 from $31 and keeps an Outperform rating on the shares. Columbia Banking reported a better than expected quarter and guidance was mostly reiterated, and while deposit growth was lower than expected, a seasonal increase in noninterest bearing deposits, along with strong customer interest bearing deposit growth, allowed Columbia to reduce brokered deposits by 20% and also retire a portion of wholesale borrowings, the analyst tells investors in a research note.