These Analysts Cut Their Forecasts On Columbia Banking System After Q4 Results
Portfolio Pulse from Avi Kapoor
Columbia Banking System, Inc. (NASDAQ:COLB) reported Q4 earnings of $0.44 per share, missing estimates of $0.79 per share, with sales of $519.16 million versus expected $526.68 million. Following the results, the stock fell 22.3% to $19.89. Analysts from Piper Sandler, DA Davidson, RBC Capital, and Wedbush adjusted their price targets and ratings, generally lowering expectations.
January 25, 2024 | 8:02 pm
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NEGATIVE IMPACT
Columbia Banking System reported lower-than-expected Q4 results, leading to a significant stock price drop and analysts revising price targets downward.
The negative earnings report and subsequent stock price drop, combined with multiple analysts lowering their price targets, suggest a bearish short-term outlook for COLB.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100