UPDATE: Sterne Agee Downgrades East West Bancorp to Neutral as Pressure Concern Overshadows Growth
In a report published Thursday, Sterne Agee analyst Brett Rabatin downgraded the rating on East West Bancorp (NASDAQ: EWBC) from Buy to Neutral, and slightly lowered the price target from $26.00 to $25.00.
In the report, Rabatin noted, “We are lowering the shares to Neutral from Buy and lowering our PT $1 to $25. While our growth, credit and expense leverage thesis is playing out, we think investors will be focused on the NIM and the level of revenue atrophy in 1Q13, as well as forward loan origination rates going forward.”
East West Bancorp closed on Wednesday at $24.04.
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