Hawaiian Electric price target raised to $16 from $11 at Evercore ISI

Evercore ISI analyst Michael Lonegan raised the firm’s price target on Hawaiian Electric to $16 from $11 and keeps an In Line rating on the shares. The firm sees near-term upside to the shares with some short covering as some risk is removed with an agreement in place that accommodates viability for the company. While a global settlement, if approved, “could open a new chapter” for Hawaiian Electric, the firm notes that its price target over the next 12 months values the stock at “fairly flat with the current” $16 per share level.