DA Davidson Neutral on Hawaiian Electric (HE), Raises Price Target

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DA Davidson maintained a Neutral rating on Hawaiian Electric (NYSE: HE) and raised their price target to $28.00 (from $26.00).

Analyst James L. Bellessa said "We are raising our target price to $28.00 (previously $26) in recognition of climbing valuations in the utility sector and expectations the utility should materially close the gap between the utility’s allowed and realized ROE by 2014. Our new target equates to ~18x our 2013 non-bank estimate of $1.14 per share, plus ~1.7x the $4.32 tangible book value of the bank. HE yields 4.3%."

For an analyst ratings summary and ratings history on Hawaiian Electric click here. For more ratings news on Hawaiian Electric click here.

Shares of Hawaiian Electric closed at $28.51 yesterday, with a 52 week range of $20.59-$29.24.

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