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* Steve Moss of B. Riley FBR upgraded Seattle-based HomeStreet Inc.'s stock rating to "buy" from "neutral" and raised the price target to $35 from $30.
The analyst wrote that "a tough mortgage banking environment will likely result in a new cost savings plan from HomeStreet that should result in an improved earnings outlook for 2019, all else equal."
Moss further wrote that with the 2018 proxy fight behind HomeStreet, he anticipates progress on HomeStreet's expenses currently under review.
Initiations
* Mark Fitzgibbon of Sandler O'Neill & Partners is now covering Fair Lawn, N.J.-based Columbia Financial Inc. (MHC)'s stock. He gave it a "hold" rating and set the 12-month price target at $18.
The analyst introduced Columbia Financial's EPS estimates at 15 cents for the second half of 2018 and 33 cents for 2019.
Fitzgibbon wrote that "[Columbia Financial's] business mix and balance sheet look more like that of a commercial bank than your typical thrift, which we view positively."
* Raymond James analyst William Wallace IV initiated coverage of Baton Rouge, La.-based Business First Bancshares Inc.'s stock with a "strong buy" rating and a price target of $29.
The analyst introduced Business First Bancshares' GAAP EPS estimates at $1.46 for 2018 and $1.80 for 2019.
The analyst wrote that as a result of Business First Bancshares' announced acquisition of Rayville, La.-based Richland State Bancorp Inc. and closing of the Minden Bancorp Inc. deal, Business First Bancshares is "poised to capitalize on added scale in Louisiana as a result of these acquisitions ... and should deliver improving profitability/efficiency metrics as it begins to reap the associated cost savings."
