Wells Fargo Maintains Underweight on First Hawaiian, Raises Price Target to $20
Portfolio Pulse from Benzinga Newsdesk
Wells Fargo analyst Jared Shaw has maintained an Underweight rating on First Hawaiian (NASDAQ:FHB) but increased the price target from $18 to $20.
January 29, 2024 | 2:43 pm
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Wells Fargo has maintained its Underweight rating on First Hawaiian but raised the price target from $18 to $20, indicating a potential downside risk but a slightly improved outlook.
The Underweight rating suggests that Wells Fargo's analyst believes that First Hawaiian may underperform the broader market or its sector. However, the increase in the price target from $18 to $20 implies a slightly more positive outlook on the stock's valuation, albeit still cautious. This could lead to mixed reactions in the short term, as the market digests the negative rating with the positive adjustment in the price target.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100