Wedbush Upgrades Cathay General Bancorp (CATY) to Outperform

May 2, 2018 6:25 AM EDT
Get Alerts CATY Hot Sheet
Price: $39.96 -0.03%

Rating Summary:
    5 Buy, 10 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 10 | Down: 11 | New: 50
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Wedbush upgraded Cathay General Bancorp (NASDAQ: CATY) from Neutral to Outperform with a price target of $49.00 (from $47.00).

Analyst David Chiaverini comments "We are upgrading shares of Cathay to OUTPERFORM from NEUTRAL owing to its steady growth in loans and deposits, above-average asset sensitivity, potential for buybacks below $40 per share, yet-to-be realized cost-saves, and an attractive valuation as it trades at a two multiple discount to both its historical multiple and relative to peers. We view the company's earnings outlook as favorable given its 2018 guidance calls for 7-8% loan growth and a net interest margin of 3.70-3.80%, compared to 3.63% in 2017. The mid-points of its guidance on both metrics (7.5% loan growth and 12 bp of margin expansion) exceed the peer group averages (7.3% loan growth and 7 bp of margin expansion)."

For an analyst ratings summary and ratings history on Cathay General Bancorp click here. For more ratings news on Cathay General Bancorp click here.

Shares of Cathay General Bancorp closed at $40.40 yesterday.

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