East West Bancorp upgraded to Outperform from Neutral at Wedbush

Wedbush upgraded East West Bancorp to Outperform from Neutral with a price target of $69, up from $57. The firm’s base case macro forecast is that there will be at least a mild recession in 2024, and East West has above average capital levels, is able to accrete capital organically at a solid pace on a quarterly basis, and should generate strong growth in tangible book value, the analyst tells investors in a research note. East West is trading at a notable discount to peers, which is unwarranted, the firm adds.