UPDATE: Morgan Stanley Downgrades East West Bancorp to Equal-Weight on Slowing Growth
Morgan Stanley lowered its rating on East West Bancorp (NASDAQ: EWBC) from Overweight to Equal-weight and reduced its price target from $26 to $25.
Morgan Stanley said, "Downgrading EWBC to Equal-weight given slowing loan growth and expected net interest income pressure in 2013-14 that could limit EPS growth. EWBC has outperformed by 1,507 bps in the past year, but valuation is not expensive at 11.6x 2013e EPS. We could get more positive on pullbacks."
East West Bancorp closed at $21.89 on Monday.
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