Hanmi Financial (HAFC) PT Lowered to $20 at Piper Jaffray
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
- UPDATE: Citi Upgrades e.l.f. Beauty (ELF) to Buy
- Acadia Pharmaceuticals (ACAD) PT Lowered to $26 at Needham & Company
- Globus Medical (GMED) PT Raised to $89 at Truist Securities
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst PT Change
Related EntitiesPiper Jaffray
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!