Washington Mutual "neutral"

04/25/06 - D.A. Davidson & Co.

NEW YORK, April 25 (newratings.com) - Analysts at DA Davidson maintain their "neutral" rating on Washington Mutual Inc (WM). The 12-18 month target price is set to $45.

In a research note published this morning, the analysts mention that the company is acquiring Commercial Capital Bancorp for $16 per share or approximately $983 million. The deal, which is likely to be completed in 3Q, is subject to regulatory and shareholder approvals, the analysts say. Washington Mutual expects the deal, which would expand its product offerings and presence in the multi-family lending business, to be accretive to its 2007 EPS by roughly $0.04.