East West Bancorp price target lowered to $85 from $89 at Citi

Citi analyst Benjamin Gerlinger lowered the firm’s price target on East West Bancorp to $85 from $89 and keeps a Buy rating on the shares post the Q4 report. While the 2024 guidance is “somewhat comparing apples-to-oranges” on reported expense trends, the net interest income outlook is setting a low bar for revenue expectations, the analyst tells investors in a research note. The firm believes this summer’s net interest margin bottoming sets up 2024 well for momentum into 2025.