Fly News Breaks for January 6, 2020
Jan 6, 2020 | 06:35 EDT
UBS analyst Brock Vandervliet downgraded East West Bancorp to Neutral from Buy with a price target of $50, down from $58. The analyst tells investors in a research note that until Q3, East West fundamentals were unaffected by trade issues, but 2019 loan guidance was reduced to 6% from 10%, driven by C&I deceleration. Vandervliet says he does not expect East West to pivot aggressively to consumer or CRE to make up the difference, making deceleration deeper and longer lasting. He adds that having underperformed through 2019 and trading at a steep discount to the sector, he sees much of the pressure priced in.
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