Hawaiian Electric price target lowered to $7 from $11 at Evercore ISI

Evercore ISI lowered the firm’s price target on Hawaiian Electric to $7 from $11 and keeps an In Line rating on the shares. The company’s underlying businesses performed well in Q3 despite Hawaiian’s reallocation of resources due to the wildfire and the prefunding of its November 2023 debt maturity earlier this year and its revolver draws, plus dividend suspension, have positioned the company with liquidity runway as it works through the timing and potential impacts of litigation, the analyst tells investors. However, Hawaiian suspended its EPS guidance and is also reexamining its capex plan to further mitigate the risks of extreme weather events, notes the firm, which suspects an update could result in a lower total investment program to further enhance liquidity.