Bank of Hawaii downgraded to Underperform from Market Perform at Keefe Bruyette

Keefe Bruyette analyst Kelly Motta downgraded Bank of Hawaii to Underperform from Market Perform with a price target of $46, down from $48. The shares have rebounded 70% off their May lows, including a 39% rally quarter-to-date, as shorts have squeezed the stock higher, the analyst tells investors in a research note. Bank of Hawaii’s valuation has widened to a 40%-50% premium to peers despite continued net interest income headwinds as deposit pricing catches up, says the firm. Keefe sees limited room for upside in the shares.