Barclays Upgrades Bank of Hawaii (BOH) to Equalweight

Barclays analyst Jared Shaw upgraded Bank of Hawaii (NYSE: BOH) from Underweight to Equalweight with a price target of $75.00 (from $68.00).

The analyst comments: "We had been more negative on BOH due to the slower growth markets in which the bank operates – more of a risk-on stance by investors over the past 6-12 months as many focus on the growth and M&A themes – and relatively high valuation multiples vs mainland peers. While we still see a more difficult path to multiple expansion than the Overweight-rated banks under our coverage, we think shares are fairly priced. Over the next two years, fixed-rate asset repricing should be a bigger tailwind to BOH than almost any bank under our coverage. Additionally, the insulated environment provided by Hawai'i around both deposit competition and credit risk would likely lead to the HI banks outperforming peers in any sort of risk-off environment. We're increasing our price target on BOH to $75 (from $68). This represents 13.7x (from 12.4x) our 2026 EPS estimate, which is a premium to the group median of 12.7x for our coverage universe due to the strong credit quality and deposit franchise at BOH."

For an analyst ratings summary and ratings history on Bank of Hawaii click here. For more ratings news on Bank of Hawaii click here.

Shares of Bank of Hawaii closed at $65.92 yesterday.

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