Cathay General price target lowered to $40 from $42 at Wedbush

Wedbush lowered the firm’s price target on Cathay General to $40 from $42 and keeps an Outperform rating on the shares. The firm notes Cathay delivered an in-line quarter and provided a mixed guidance update. Deposit growth was better than expected, importantly driven by growth in both interest bearing and non-interest bearing deposits.