UPDATE: Wells Fargo Upgrades First Hawaiian (FHB) to Equal Weight
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Wells Fargo analyst Jared Shaw upgraded First Hawaiian (NASDAQ: FHB) from Underweight to Equal Weight with a price target of $28.00 (from $23.00).
The analyst comments "Hawaii is reopening, and FHB should benefit. Hawaii was uniquely challenged during the COVID pandemic, as 20% of the local economy is directly tied to tourism. In response, the state practically shut its doors to visitors in an attempt to control the outbreak. For the past year we have been negative on shares as the state juggled the need for health security with the desire for a strong tourism-led economy, with the state itself not expecting visitor returns to match 2019 levels until 2024. However, tourism is rebounding faster than the expectations, and we now believe the Hawaiian economy is on the path to recovery. In addition to upgrading the shares, we increase our price target to $28 (from $23), which represents 200% of FY22 TBVe, and reflects the historic premium Hawaiian banks enjoy based on consistent profitability and a less competitive environment. Lastly, we are increasing our 2021/2022 EPS to $1.88/$1.85 from $1.81/$1.74."
Shares of First Hawaiian closed at $28.34 yesterday.
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