Jefferies analyst Casey Haire lowered the firm’s price target on East West Bancorp to $58 from $68 and keeps a Buy rating on the shares. The firm is introducing 2025 EPS estimates for its U.S. banks coverage and updating its Fed rate forecasts to reflect two cuts in 2024 and four rate cuts in 2025. The firm is looking for net interest income to stabilize in 2024, but there are “tons of factors” to determine how and when, the analyst tells investors.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See Insiders’ Hot Stocks on TipRanks >>
Read More on EWBC:
- Wells Fargo downgrades select mid-cap banks amid risk to earnings
- Janney starts East West Bancorp at Buy, sees opportunity in recent bank failures
- East West Bancorp initiated with a Buy at Janney Montgomery Scott
- East West Bancorp names Irene Oh CRO, Christopher Del Moral-Niles CFO
- East West Bancorp price target lowered to $62 from $68 at Truist