Hope Bancorp price target raised to $11 from $9.50 at DA Davidson

DA Davidson analyst Gary Tenner raised the firm’s price target on Hope Bancorp to $11 from $9.50 and keeps a Neutral rating on the shares. The company’s Q2 results were supported by a CRA investment gain, which offset higher than expected provision expense recorded in the quarter, the analyst tells investors in a research note. Hope Bancorp’s net interest income and EPS will likely remains under pressure over the near term as funding costs move higher during the back half of the year, but likely at a moderating pace, the firm added.