WaFd price target lowered to $34 from $40 at Keefe Bruyette

Keefe Bruyette lowered its price target for WaFd (WAFD) to $34 from $40 while keeping a Market Perform rating. The adjustment follows the bank’s fiscal Q4 results, which the analyst said were affected by preparations to strengthen its balance sheet ahead of the EverBank deal. In the note, Keefe expects the shares to trade in a relatively range-bound pattern in the near term. The excerpt does not provide additional quarterly figures, but it ties the target reduction directly to the balance-sheet work for the pending transaction.