UBS Starts First Hawaiian (FHB) at Neutral

August 29, 2016 7:44 AM EDT
Get Alerts FHB Hot Sheet
Price: $31.93 -0.99%

Rating Summary:
    3 Buy, 6 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 6 | Down: 9 | New: 6
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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.

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

Shares of First Hawaiian closed at $26.57 yesterday.

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