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UPDATE: BMO Capital Markets Downgrades Cathay General Bancorp to Market Perform on Valuation

Related CATY
With Little Remaining Upside Seen For Cathay General Bancorp, BMO Downgrades
Benzinga's Top Upgrades, Downgrades For November 30, 2017

BMO Capital Markets reduced its rating on Cathay General Bancorp (NASDAQ: CATY) from Outperform to Market Perform while reiterating its $21 price target.

BMO Capital Markets said, "Our downgrade is based mostly on valuation, given the stock's outperformance over the past year. We had been recommending CATY for several key catalysts including credit quality improvement, an upward bias to its net interest margin driven by lower funding costs, a lifting of the regulatory MOU, TARP repayment in early 2013, and the potential for more aggressive capital return to shareholders thereafter. With the stock now trading in line with our small-cap peer group, we believe that most of the optimism is reflected in the current valuation."

Cathay General Bancorp closed at $19.98 on Wednesday.

Latest Ratings for CATY

Nov 2017BMO CapitalDowngradesOutperformMarket Perform
Nov 2017BMO CapitalMaintainsOutperform
Aug 2017SunTrust Robinson HumphreyInitiates Coverage OnHold

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