Zacks Investment Research upgraded shares of Washington Federal Inc. (WAFD) from UNDERPERFORM to NEUTRAL on September 15, 2014, with a target price of $22.50.
We are upgrading our recommendation on Washington Federal to Neutral based on better-than-expected earnings for third-quarter fiscal 2014 (ended Jun 30). Earnings beat the Zacks Consensus Estimate on top-line growth and a benefit from provisions, partially offset by higher expenses. The company's capital deployment activities look impressive. Also, we believe that inorganic growth strategy and a persistent rise in loan demand are expected to benefit the company's financials in the long run. However, a continued low interest rate environment and mounting expenses remain near term concerns. Also, significant exposure to risky loan portfolio makes us apprehensive.
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