Hawaiian Electric price target raised to $11 from $9 at Evercore ISI

Evercore ISI raised the firm’s price target on Hawaiian Electric (HE) to $11 from $9 and keeps an In Line rating on the shares. With Q3 results, Hawaiian was able to reclassify its short-term liability with a plan to pay the proposed settlement in four equal annual installments and the company revised its total settlement accrual to $1.92B, classifying the first $479M installment as a current liability based on expected timing of the payment, and the remaining amount as a non-current liability, the analyst noted. Management has concluded that the conditions that led to the substantial doubt regarding Hawaiian’s ability to continue as a going concern have been mitigated and the resolution of its “going concern” risk alleviates a financing timeline crunch, the analyst tells investors.