Cathay General price target lowered to $43 from $45 at Piper Sandler

Piper Sandler lowered the firm’s price target on Cathay General (CATY) to $43 from $45 in light of recent negative credit migration, while keeping an Underweight rating on the shares. The firm bumps up its 2025/2026 EPS estimates to $4.02/$4.50 from $3.94/$4.45 to reflect a better net interest margin and fees, as well as lower non-interest expense, partly offset by a higher tax rate and LLPs.