Hawaiian Electric price target lowered to $37 from $39 at Guggenheim

Guggenheim lowered the firm’s price target on Hawaiian Electric to $37 from $39 and keeps a Neutral rating on the shares. Utilities have been material underperformers year-to-date compared to the broad markets and most names within the group are trading at discounted valuation levels, the analyst tells investors. Despite the sector’s underperformance, the firm maintains a neutral stance on the group.