Wells Fargo Starts East West Bancorp (EWBC) at Market Perform; Solid Bridge But Showing Some Cracks

Wells Fargo initiates coverage on East West Bancorp (NASDAQ: EWBC) with a Market Perform. PT $24.00.

Wells analyst said, "The mantra of EWBC is to be the financial bridge between the East and the West. EWBC traditionally focuses on Chinese-American customers, though the bank recently has become more mainstream-oriented, with new loan growth predominantly from non-Chinese American borrowers. New loan growth is chiefly commercial and industrial (C&I), with particular focus on trade finance, due to EWBC's China expertise. However, core margin is beginning to be pressured as older, higher-priced loans roll off. We believe core loan growth, while still impressive, should slow from the recent pace in order to defend NIM."

For an analyst ratings summary and ratings history on East West Bancorp click here. For more ratings news on East West Bancorp click here.

Shares of East West Bancorp closed at $21.42 yesterday.

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