UPDATE: D.A. Davidson Downgrades Cathay General Bancorp to Neutral, Reiterates $21 PT

In a report published Friday, D.A. Davidson & Co. downgraded its rating on Cathay General Bancorp CATY from Buy to Neutral, and reiterated its $21.00 price target. D.A. Davidson noted, “CATY's recent gains appear to largely reflect the near-term opportunities for the company, particularly in light of an ongoing challenging environment for banks. The company has steadily improved results over recent quarters reflecting its recovery from the credit cycle. CATY shares have appreciated 30% and 11% over the past twelve- and one-month periods, respectively.” Cathay General Bancorp closed on Thursday at $19.81.