WSFS Financial upgraded to Buy from Neutral at DA Davidson

DA Davidson analyst Manuel Navas upgraded WSFS Financial to Buy from Neutral with a price target of $45, up from $38. WSFS is among the best-positioned Mid-Atlantic banks to benefit from a “higher for longer” interest rate environment due to its elevated net interest margin and capacity for growth, the analyst tells investors in a research note. The firm also sees “downside protection” in terms of the bank’s high capital and potentially “rapid” tangible book value build to offset “overblown” credit concerns.