Citi analyst Benjamin Gerlinger raised the price target on East West Bancorp (NASDAQ: EWBC) to $109.00 (from $103.00) while maintaining a Buy rating.

The analyst comments "Overall results and growth/NII guidance were both better than feared this quarter. While the near-term outlook is still for modestly tepid growth over the next couple of quarters, we believe the asset-sensitive balance sheet likely holds NIM near current levels as the relatively expensive CD portfolio prices down (and some of the swap headwinds roll off in February). We increased our expense base modestly, largely to account for the growth outlook and quick march toward $100B+ in assets. In addition to a better loan growth profile, following the looming election and clarity for 2025 economic activity, we believe EWBC is likely to once again start repurchasing shares. Increased our TP to $109 (+$6) and reiterate our Buy rating."