UPDATE: Sterne Agee Downgrades East West Bancorp from Buy to Neutral
Sterne Agee downgraded East West Bancorp (NASDAQ: EWBC) from a Buy to a Neutral rating and maintained a price target of $25.
Sterne Agee noted, “We are lowering our rating to Neutral with the shares within 5% of our price target and our belief investors will be more concerned about the NIM going forward. While credit leverage is likely to be a positive for earnings in the next few quarters, we believe current profitability levels will be under modest pressure going forward due to incremental NIM pressure in FY12/13/14.”
East West Bancorp closed at $23.74 on Wednesday.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.