As previously reported, DA Davidson analyst Jeff Rulis downgraded Columbia Banking to Neutral and lowered his price target to $38 from $42. The analyst cites the company's view of loan growth slowing from nearly 6% in Q4 to low single digits in Q1 as well as its heightened concerns about its expenses given the management's vocal commitment to "internal investments and the need to enhance certain technology and systems platforms." Rulis adds that the premium valuation and lack of positive catalysts should constrain any potential upside for the stock.