Piper Sandler Assumes Cathay General Bancorp (CATY) at Neutral
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Piper Sandler analyst Matthew Clark assumes coverage on Cathay General Bancorp (NASDAQ: CATY) with a Neutral rating and a price target of $28.00.
The analyst commented, "We are assuming coverage of CATY with a Neutral rating that is largely based on valuation but also considers the NIM headwinds from its asset sensitive B/S, slower growth prospects, limited expense leverage & more muted capital return in the N-T. Provisioning has also emerged for the first time in years & is resulting in a more average profitability outlook (~1.00% ROAs). We establish 2020 / 2021 EPS estimates of $2.39 / $2.52 that are slightly below the Street due to slower B/S growth & a more conservative NIM outlook. Our $28 price target is based on 1.15x TBV (vs. peers at 1.19x) that is consistent with its historical discount that we expect to persist for now."
Shares of Cathay General Bancorp closed at $26.64 yesterday.
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