As noted earlier, DA Davidson upgraded Columbia Banking (COLB) to Buy from Neutral. Analyst Jeff Rulis blames the decline in Columbia Banking's stock on investors' worries about its acquisition of Pacific Continental (PCBK) and the death of its CEO. However, the analyst says that Pacific Continental " is a high-quality franchise that is closely aligned with Columbia both strategically and culturally." He says that the deal "effectively leverages capital," and he thinks that the company still has a strong management team.and "one of the best-positioned deposit franchises" among stocks he covers. Target $45.