UBS Upgrades First Hawaiian (FHB) to Neutral
- European shares climb higher; oil hit by China demand concerns
- 'Becoming JP Morgan of the Future': Square (SQ) Dips on Deal to Acquire BNPL Afterpay For $29B in Stock, Benefits Outweigh High Price Says Analyst
- Oil prices hit by concern over Chinese economy and higher supply
- Dollar resumes downtrend after worst week since May
- Li Auto (LI) and Xpeng (XPEV) Surge on Strong Delivery Numbers for July, Nio (NIO) Lags
Get instant alerts when news breaks on your stocks. Claim your 1-week free trial to StreetInsider Premium here.
UBS analyst Brock Vandervliet upgraded First Hawaiian (NASDAQ: FHB) from Sell to Neutral with a price target of $28.00 (from $22.00).
The analyst comments "We are increasing our investment rating from Sell to Neutral and increasing our EPS forecasts and PT. Our Sell rating was based on our expectation the Hawaiian economy, as it highly tourist-linked, would badly lag in economic recovery. We expected this to be reflected in higher credit costs as the relative lack of tourism sapped economic strength. Now while the island may suffer from slow loan growth, it's little different than the mainland. Meantime, tourist arrival rates are recovering powerfully YTD. Hawaii may be a leisure travel winner given continued uncertainty about foreign travel for much of the year and the peace of mind of US medical care is available if needed. FHB's share repurchase and zero provision in Q1 are signals of gradual improvement ahead. A Neutral rating is therefore more appropriate. We also revise our EPS forecast to $1.78 / $1.72 from $1.60 / $1.62 based largely on lower provision assumptions in 2021/22."
Shares of First Hawaiian closed at $27.01 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- UPDATE: Susquehanna Upgrades First Solar (FSLR) to Positive
- Segro PLC (SGRO:LN) (SEGXF) PT Raised to GBP13.35 at Barclays
- Lonza Group AG (LONN:SW) (LZAGY) PT Raised to CHF745 at Morgan Stanley
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst PT Change, Upgrades
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!