UBS Upgrades First Hawaiian (FHB) to Neutral

May 13, 2021 6:09 AM EDT
Get Alerts FHB Hot Sheet
Price: $27.53 --0%

Rating Summary:
    5 Buy, 7 Hold, 2 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 10 | Down: 10 | New: 14
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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."

For an analyst ratings summary and ratings history on First Hawaiian click here. For more ratings news on First Hawaiian click here.

Shares of First Hawaiian closed at $27.01 yesterday.

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