East West Bancorp price target raised to $109 from $103 at Citi

Citi raised the firm’s price target on East West Bancorp (EWBC) to $109 from $103 and keeps a Buy rating on the shares. The bank’s Q3 results and growth guidance were both better than feared, the analyst tells investors in a research note. The firm says that while the near-term outlook is still for modestly tepid growth over the next couple of quarters, the bank’s asset-sensitive balance sheet likely holds net interest margin near current levels.