DA Davidson Upgrades Cathay General Bancorp (CATY) to Buy; Sell-off Improves Risk-Reward

DA Davidson upgraded Cathay General Bancorp (NASDAQ: CATY) to Buy with a price target of $18.50.

DA analyst said, "CATY shares have significantly underperformed the Nasdaq Bank Index, which is down 2.4% over the same period. 2Q results of $0.26 were $0.01 ahead of our estimate with top-line revenue growth and a lower tax rate offsetting higher than expected loan loss provisioning. From our perspective, while CATY clearly has additional work to do in clearing its asset quality issues, the risk-reward profile of the stock has improved with the pullback and we are moving our rating to a BUY."

For more ratings news on Cathay General Bancorp click here and for the rating history of Cathay General Bancorp click here.

Shares of Cathay General Bancorp closed at $13.86 yesterday.

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