UBS upgraded East West Bancorp to Buy from Neutral with a price target of $61, up from $57, post the Q3 report. The analyst now sees “mild upside” to the bank’s 2024 numbers versus consensus and thinks the shares are attractive in the current environment. East West’s commitment to return capital to shareholders starting in Q4 also signals to that management, while realistic about credit, is confident in the balance sheet, the analyst tells investors in a research note.
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