Raymond James analyst David Long initiated coverage of Northwest Bancshares with a Market Perform rating. While The bank boasts a strong deposit base, a history of strong credit quality metrics and a history of successful acquisitions with an intention to continue to grow inorganically, Long tells investors in a research note that fundamental headwinds from a contracting NIM and the absorption of lower fee income due to the Durbin amendment will pressure revenue and EPS growth in the near-term. He believes shares are fairly valued at a premium multiple to peers on a P/E basis.