ISI Group Reiterates Hold Rating, $25 PT on Hawaiian Electric Industries

In a report published Monday, ISI Group reiterated its Hold rating and $25.00 price target on Hawaiian Electric Industries

. ISI Group noted, “We value HE using a sum of the parts approach, utilizing our DDM to value the utility and a price/tangible book value multiple to value the bank. Our target of $25/shr (14.7x '14 EPS) reflects structural regulatory lag and we continue to value ASB at a premium TBV multiple (1.8x). We therefore believe that HE stock is fully priced at these levels.” Hawaiian Electric Industries closed on Friday at $25.38.