DA Davidson & Co Raises Target to $48 on Bank of Hawaii, Maintains Neutral

DA Davidson & Co reiterates its Neutral rating on Bank of Hawaii BOH and raises its price target to $48, up $5, reflecting in-line quarter results showing loan growth, weaker fee income. DA Davidson & Co says, "Bank of Hawaii reported Q4'11 EPS of $0.85, in line with our forecast but ahead of the consensus estimate of $0.82. Highlights in the quarter included solid loan growth, modest NIM compression and, despite a small increase in NPAs, continued strong credit quality. Loans grew $189.8 million or at an annualized pace of 14.2% in Q4. The bulk of the growth came from the residential mortgage segment, while the C&I, construction and other consumer loan categories also experienced decent increases." BOH closed at $46.83 a share on Monday.