Hanmi Financial (HAFC) PT Lowered to $20 at Piper Jaffray

October 7, 2019 7:12 AM EDT
Get Alerts HAFC Hot Sheet
Price: $18.34 --0%

Rating Summary:
    3 Buy, 5 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 16 | Down: 18 | New: 42
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Piper Jaffray analyst Matthew Clark lowered the price target on Hanmi Financial (NASDAQ: HAFC) to $20.00 (from $21.00) while maintaining a Neutral rating.

The analyst comments "After the close on Friday, HAFC filed its 10-Q that included its delayed 2Q results. The good news is that its 2Q results (operating EPS $0.07 ex securities gains) were largely in-line with its preannouncement ($0.09) & the identification of an impaired relationship did not require the restatement of prior periods. Management did identify a material weakness in internal controls but the new disclosure will not impact its ability to conduct its normal course of business. We lower our 2019 / 2020 EPS estimates to $1.50 / $1.85 as we dial-in reported results & the latest Fed rate cut. We trim our price target to $20 (-$1) that reflects 11.0x (unch) our 2020E EPS & below peers (13.3x) partly due to the larger NPLs that emerged in 1H19."



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