Wells Fargo reiterated an Overweight rating and $120 price target on East West Bancorp (EWBC), saying he expects strong earnings results on the back of NII and is incrementally more positive following a favorable wildfire update from Banc of California (BANC). While devastating, early losses from wildfires seem well contained, and the firm’s checks have shown limited exposure in the affected areas for both Banc of California and East West, along with broad insurance coverage for anything real-estate backed, the analyst tells investors in a research note. The firm added that the largest unknown is impact to small business.
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