Cathay General price target lowered to $38 from $40 at Truist

Truist lowered the firm’s price target on Cathay General to $38 from $40 and keeps a Hold rating on the shares as part of a broader Q1 earnings recap research note on Regional and Community Banks. The firm now sees Fed funds rate forecast shifting to zero cuts in 2024 and four 25bps cuts in 2025, the analyst tells investors in a research note. Truist adds that its revisions reflect lower near term net interest margin and higher expenses for the bank offset partially by a lower tax rate in 2024.