UPDATE: Jefferies Raises Bank of Hawaii's PT

According to a research report published this morning, Jefferies has increased Bank of Hawaii's

PT from $46 to $50. In the report, Jefferies commented, "Solid 1Q results handily beat our estimate thanks to NIM expansion and lighter-than-expected credit costs. NIM expansion is unsustainable going forward, but de minimus credit costs appears likely and efficiency initiatives are just beginning to bear fruit. We raise estimates accordingly and no longer have concerns about negative revision risk, but valuation metrics (14x 2012 EPS) limit upside, in our view." Jefferies maintains its Hold rating on Bank of Hawaii, which is currently trading at $48.78.