UPDATE: KBW Initiates Washington Banking at Outperform

KBW is out with its report today on Washington Banking WBCO, initiating WBCO at Outperform. In a note to clients, KBW writes, "We are initiating coverage of shares of WBCO with an Outperform rating and a one-year price target of $17. We are establishing 2011, 2012, and 2013 EPS estimates of $1.00, $1.05, and $1.10, respectively." Shares of WBCO closed Tuesday at $13.05, down 1.58% from Monday's close.