Cathay General price target raised to $45 from $40 at Wedbush

Wedbush analyst David Chiaverini raised the firm’s price target on Cathay General to $45 from $40 and keeps an Outperform rating on the shares. The firm notes Cathay delivered a solid quarter and provided a generally positive guidance update. Deposit growth on a period-end basis was strong at 10% annualized and was well above Wedbush’s estimate, although the bank saw an unfavorable mix shift similar to other banks.