DA Davidson lowered the firm’s price target on Bank of Hawaii to $52 from $53 and keeps a Neutral rating on the shares. The company’s Q3 results featured solid deposit growth, restrained expenses and peer leading credit quality, and looking ahead, its net interest margins and net interest income stand to rise in future quarters while loan growth appears to be tapering off, the analyst tells investors in a research note. The firm adds however that it is reducing its forward estimates given a moderated net interest income outlook as a result of lower loan growth outpacing higher net interest margin assumptions.
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