Deutsche Bank Starts First Hawaiian (FHB) at Hold
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Deutsche Bank initiated coverage on First Hawaiian (NASDAQ: FHB) with a Hold rating and a price target of $29. Analyst Dave Rochester called the bank a high quality franchise.
"We view FHB as a high quality franchise priced at an appropriate premium, with a more balanced risk/reward following the 16% upside post IPO. That said, we still expect a 12% return over the next year (incl. the 3% dividend yield) and although we still expect the economic recovery to continue, we note we expect FHB could outperform in a downturn given the bank’s higher ROTCE and stronger credit profile, but we note our EPS would be lower without rate hikes in FY17/18 ($1.57/$1.65)," said Rochester.
Shares of First Hawaiian closed at $26.57 yesterday.
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