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
Trade Now! 
Join SI Premium – FREE

Get inside Wall Street with StreetInsider Premium. Claim your 1-week free trial here.

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."

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In

Related Categories

Analyst Comments, Analyst PT Change

Related Entities

Piper Jaffray