Cathay General price target raised to $40 from $34 at Truist

Truist analyst Brandon King raised the firm’s price target on Cathay General to $40 from $34 but keeps a Hold rating on the shares after its Q2 earnings beat. The firm is also cutting its FY23 EPS view by 14c to $4.64 and its FY24 view by 33c to $4.31 to reflect lower net interest income and higher expenses offset partially by lower provisioning. Truist is also forecasting slower loan growth and continued deposit pricing pressures for Cathay General.