UPDATE: Bank of America Merrill Lynch Reiterates Underperform Rating, Lowers PT on Hawaiian Electric Industries

In a report published Monday, Bank of America Merrill Lynch reiterated its Underperform rating on Hawaiian Electric Industries

, but lowered its price target from $26.00 to $24.00. BofA Merrill Lynch noted, “The utility segment is slowly recovering from a weak economy, rising costs and the lack of timely rate relief. Under the new decoupling mechanism and increased investments in clean energy, utility returns should improve over time. After suffering through higher loan loss provisions and asset write-downs during the credit crisis, bank performance has improved meaningfully. But future growth is expected to be modest.” Hawaiian Electric Industries closed on Friday at $24.21.