Wunderlich Securities Reiterates Buy, Lowers PT to $52 on Bank of Hawaii

Wunderlich Securities reiterates its Buy rating on Bank of Hawaii

on solid 4Q results and lowers its price target to $52 from $55 a share to reflect lower fee income. Wunderlich Securities says, "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." BOH closed at $47.72 a share on Monday.