Wedbush Upgrades Cathay General Bancorp (CATY) to Outperform
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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)."
Shares of Cathay General Bancorp closed at $40.40 yesterday.
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