Wunderlich Lowers PT on Bank of Hawaii to $52

Wunderlich Securities has published a research report on Bank of Hawaii BOH and has lowered the price target from $55 to $52 after 4Q earnings exceeded consensus. In the report, Wunderlich writes, "We maintain our Buy rating on Bank of Hawaii Corporation (BOH), but we are lowering our price target to $52. BOH reported 4Q11 EPS of $0.85, beating consensus by $0.03 and our estimate by $0.02. Loans increased across virtually every category, deposit growth remained solid, and asset quality was relatively stable, remaining among the best in the entire country. Fee income was lower, and the NIM ticked down modestly while operating expenses ticked higher. Overall, this was a clean, solid quarter to end 2011, and BOH is likely to continue driving above-average returns that are steady, predictable, and repeatable for the foreseeable future, hence our Buy recommendation." Wunderlich Securities maintains its Buy rating on Bank of Hawaii, which is currently trading down $1.04 from Friday's $47.72 closing price.