Washington Federal (WAFD) PT Raised to $33 at Stephens

Stephens analyst Andy Terrell raised the price target on Washington Federal (NASDAQ: WAFD) to $33.00 (from $32.00) while maintaining a Equal Weight rating.

The analyst commented: "WAFD C2Q included Op. EPS of $0.73 vs. our $0.67 and a +2.4% PPNR beat vs. consensus. Solid deposit growth, predominantly from NIB / transaction accounts, paired with the loan balance decline allowed for solid funding reduction with FHLB’s -30% LQ. Moving forward, we anticipate loan growth could remain challenging and wouldn’t be surprised to see continued balance contraction barring an alleviation of the competitive environment and suspect the use of proceeds likely begins to tilt towards securities reinvestment as opposed to FHLB reduction. We view the near-term deleverage favorably but think the onus will be on an improvement in growth moving into '26E. We don’t think credit migration this quarter was systemic as credits that migrated were larger in nature. With shares at 1.04x TBV, we expect buybacks continue. Adjusting F26E Op. EPS to $3.22 (from $3.00) and PT to $33 (from $32). Reit. EW."

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