UPDATE: Credit Suisse Initiates East West Bancorp at Outperform on Dividend, Buyback
Credit Suisse raised its rating on East West Bancorp (NASDAQ: EWBC) with an Outperform rating and a $26 price target.
Credit Suisse commented, "We are initiating coverage of East West Bancorp with an Outperform rating and a $26 target price. We view EWBC as a highly profitable, niche lender with earnings levers to mitigate margin pressure and maintain a comparatively strong 8-10% EPS growth profile through at least 2014. We expect EWBC to pay out 100% of earnings by refreshing its share buyback and raising the dividend. Lower-than-expected credit costs may also emerge."
East West Bancorp closed at $20.77 on Monday.
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Tags: Credit Suisse