UBS Starts First Hawaiian (FHB) at Neutral
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UBS initiated coverage on First Hawaiian (NASDAQ: FHB) with a Neutral rating and a price target of $28. Analyst David Eads thinks positives are priced in.
"The high performing operating story has allowed FHB to earn a premium valuation, but at this point we see few catalysts for further multiple expansion and more attractive opportunities for banks with lower valuations and a stronger outlook for earnings growth. Specifically, we expect essentially flat earnings for FHB in 2017 and only 3% growth in 2018, with solid NII growth largely offset by higher expenses and credit costs. On the other hand, FHB's P/TBV valuation is in line with peers (when combined with ROTE expectations), which is supportive of FHB maintaining its premium multiple," said Eads.
Shares of First Hawaiian closed at $26.57 yesterday.
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