Piper Sandler downgraded Bank of Hawaii to Underweight from Neutral with a price target of $61, down from $70. The shares have rallied 11% over the last three months and now trade a significant premium valuation compared to regional bank peers, the analyst tells investors in a research note. The firm says that while the stock’s premium valuation is the driver of the downgrade, Bank of Hawaii’s profitability lags somewhat behind peers.
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