Wunderlich Upgrades EPS, Reiterates Buy and PT On Washington Banking Company (WBCO)

Wunderlich Securities upgraded its earnings per share estimate on Washington Banking Company WBCO in a research report published today, after Washington Banking posted better than expected Q1 results. In the report, Wunderlich states, "Due in part to the earnings outperformance versus our estimate in 1Q11, we are raising our 2011 EPS estimate by $0.03 to $1.03, but we are lowering our 2012 EPS estimate by $0.05 to $1.20 at this time." Strong Q1 results were enough for Wunderlich to maintain its Buy rating on Washington Banking's shares but were not enough to persuade it to increase its price target on Washington Banking from its current level of $16. Washington Banking's shares raced up 1.89% on Friday to finish the week at $13.99.