Cathay General downgraded to Underweight from Neutral at Piper Sandler

Piper Sandler downgraded Cathay General to Underweight from Neutral with an unchanged price target of $31. The downgrade is based on the company’s lower reserve coverage, Piper’s below the Street earnings estimates, and the stock’s relative valuation, the analyst tells investors in a research note. The firm notes Cathay’s buyback is also on hold for the next few months and until it receives regulatory approval.