BofA analyst Julien Dumoulin-Smith lowered the firm’s price target on Hawaiian Electric to $10 from $11 and keeps an Underperform rating on the shares. The catalyst path ahead is challenging for the shares after the Wall Street Journal reported the company is in conversations with restructuring firms, the analyst tells investors in a research note. The firm cites weakness in the utilities sector for the target drop. Liquidity is the next focus for Hawaiian Electric “but there appears to be runway,” contends BofA.
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