East West Bancorp price target raised to $120 from $105 at Wells Fargo

Wells Fargo raised the firm’s price target on East West Bancorp (EWBC) to $120 from $105 and keeps an Overweight rating on the shares as part of a broader research note on mid-cap banks. The firm is adjusting its price targets on the sector, reflecting the current environment, also noting that its valuation methodology is now favoring earnings while moving away from tangible book value.