Bank of Hawaii price target lowered to $60 from $65 at Piper Sandler

Piper Sandler lowered the firm’s price target on Bank of Hawaii to $60 from $65 and keeps a Neutral rating on the shares following quarterly results. The most meaningful adjustments to the firm’s model include thinner net interest margins and a smaller earning asset base as well as lower fee income and expenses. Notably, management guided for fee income to decline slightly due to market volatility, and it lowered its core expense guidance for costs to increase 1%-2% this year from its prior 2%-3% guide, Piper adds.