East-West Bancorp (EWBC) Thoughts After Management Meeting - Piper Jaffray
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Piper Jaffray analyst, Matthew Clark, reiterated his Overweight rating on shares of East West Bancorp (NASDAQ: EWBC) after meeting with CEO Dominic Ng & CFO Irene Oh which offered comfort into growth prospects & the NIM outlook.
The analyst stated "We believe a greenfield opportunity exists on the cross border front with relatively new product capabilities & a disciplined focus on industry verticals that support a double digit growth outlook. We also feel more confident in its core NIM guidance (3.75-3.80%) with CD promos below its prior offerings, more incentives to grow lower cost deposits & new initiatives to gain more share of the wallet. Shares look cheap at only 10x our '19E / '20E EPS of $5.10 / $5.40 (unch) for a franchise generating top-tier ROTCEs of 16-17% & ROA of 1.70%".
No change to the price target of $76 which is 45% above the current share price.
Shares of East West Bancorp closed at $52.50 yesterday.
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