Columbia Banking rises after Raymond James upgrades to 'strong buy'
** Shares of regional lender Columbia Banking COLB.O up 2% at $26.58
** Raymond James upgrades COLB to "strong buy" from "outperform" following investor meetings after the closing of Pacific Premier Bancorp deal
** Brokerage also raises price target on COLB to $31 from $27 representing a 19% upside to the stock's last close
** Raymond James says management confronted several misperceptions around the bank, including likelihood of additional M&A near-term and timing of potential capital return
** Brokerage expects M&A to be on pause for some time, which can drive EPS growth despite a stable balance sheet
** Capital return is likely on the horizon as well, Raymond James says
** Two of the 12 analysts rate the stock buy or higher and 10 "hold"; their median PT is $28- LSEG data
** Including session's move, COLB down 2.14% YTD
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