Cathay General price target lowered to $35 from $38 at Truist

Truist lowered the firm’s price target on Cathay General to $35 from $38 and keeps a Hold rating on the shares. The analyst is updating the firm’s model to reflect a higher net interest margin and higher expenses in 2024, stating that while the growth in non-interest bearing deposits was very encouraging, the firm still anticipates the bulk of growth to come from CDs.