Raymond James analyst David Long downgraded East West Bancorp to Underperform citing valuation and his belief the bank will benefit less from tax reform relative to peers.

Truist raised the firm's price target on East West Bancorp to $86 from $90 and keeps a Buy rating on the shares as part of a broader Q1 earnings recap research note on Regional and Community Banks. The firm now sees Fed funds rate forecast shifting to zero cuts in 2024 and four 25bps cuts in 2025, the analyst tells investors in a research note. Truist adds that its revisions for the bank forecast a trough in net interest income in Q2 of 2024, followed by growth through 2025 as balance sheet growth, loan yield improvement from higher origination yields, and more favorable swaps carry offsetting Fed rate cuts in 2025.