Cathay General Bancorp (CATY) PT Raised to $51 at DA Davidson

DA Davidson analyst Gary Tenner raised the price target on Cathay General Bancorp (NASDAQ: CATY) to $51.00 (from $45.00) while maintaining a Neutral rating.

The analyst commented, "CATY reported a solid quarter of NII growth and NIM expansion, although the company's provision came in higher than our estimate, although below the Street mean. As we expected, CATY shifted its full year loan growth guide back to the original 3%-4% range (and seems biased toward the top end), while other guidance metrics were unchanged. Maintain NEUTRAL rating and with a revised $51 PT."

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