Fly News Breaks for February 19, 2020
Feb 19, 2020 | 08:18 EDT
DA Davidson analyst Gary Tenner downgraded East West Bancorp to Neutral from Buy with a price target of $53, down from $60. The analyst warns that the continued spread of coronavirus in China could pressure the bank's stock given the company's direct and indirect exposure to the perceived slowdown in the Chinese economy. Tenner adds that East West Bancorp's current direct loan exposure to Greater China stands around 4% of year-end loans, split between mainland China's $800M and Hong Kong's $575M.
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