Cathay General Bancorp (CATY) PT Lowered to $49 at Piper Jaffray Following 3Q

October 18, 2018 7:49 AM EDT
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Price: $37.10 +1.42%

Rating Summary:
    5 Buy, 10 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 18 | Down: 12 | New: 23
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Piper Jaffray analyst, Matthew Clark, lowered the price target on Cathay General Bancorp (NASDAQ: CATY) to $49.00 (from $51.00) while maintaining a Overweight rating following the company's 3Q earnings report. CATY posted operating EPS of $0.85, in-line with consensus estimates as lower NIE (EPS: +$0.02) & LLP (+$0.02) were offset by a higher tax rate (- $0.02) & lighter fees (-$0.01) due to a negative mark on the value of its swaps (-$900K).

Clark expects CATY to trade in-line or slightly better than the group on the resilient PPNR results with estimates unlikely to move much. Piper Jaffray maintained 2019/2020 EPS estimates of $3.50/$3.65.

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