First Hawaiian price target raised to $20 from $18 at Wells Fargo

Wells Fargo raised the firm’s price target on First Hawaiian to $20 from $18 and keeps an Underweight rating on the shares. The firm cites a good Q4 with net interest income inflection pulled forward and EPS revised higher. Ultimately, Wells still believes that declining profitability, limited fixed asset repricing, credit downside, and expense uncertainty put the premium valuation at risk.