Keefe, Bruyette, & Woods Reiterates Market Perform on Cathay General Bancorp (CATY)
August 11, 2010 10:28 AM
Keefe, Bruyette, & Woods is out with a research report this morning, where it reiterates its Market Perform rating on Cathay General Bancorp (NASDAQ: CATY); it has a $10.00 price target on the stock.
The KBW analysts cited the company’s recent earnings report, which was better than expected due to lower than expected provision costs. The analysts noted that margins continued to be flat, with the potential for a rebound seeming limited in the current flat rate environment.
They also noted that CATY is making its way forward on credit, but that they would prefer to see a tangible decrease in problem assets.
Cathay General is an $11.4 billion in assets bank formed by the October 2003 acquisition of GBC Bancorp by Cathay Bancorp. CATY serves the Chinese-American community.
