Hawaiian Electric price target lowered to $10.50 from $11.50 at Jefferies

Jefferies lowered the firm’s price target on Hawaiian Electric (HE) to $10.50 from $11.50 and keeps a Hold rating on the shares after the company announced a sale this week of 90.1% of American Savings Bank for gross proceeds of $405M. The firm has lowered estimates to reflect a “low implied multiple,” the analyst says, noting that the deal reduces earnings, but also removes an equity overhang.