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 (NYSE: HE).
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.
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Tags: ISI Group