Wells Fargo Maintains Underweight Rating for First Hawaiian: Here's What You Need To Know
Portfolio Pulse from Benzinga Insights
Wells Fargo has maintained its Underweight rating for First Hawaiian (NASDAQ:FHB) but raised its price target from $18.00 to $20.00. Despite the increase in the price target, the new target still suggests a potential downside of 10.27% from the current share price of $22.29. First Hawaiian is a bank holding company offering a range of banking services, with key revenue derived from Retail Banking.
January 29, 2024 | 5:00 pm
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Wells Fargo maintains an Underweight rating on First Hawaiian with a raised price target of $20, indicating a potential decrease of 10.27% from the current price.
The maintained Underweight rating suggests that Wells Fargo analysts believe that First Hawaiian may not perform as well as its peers or the broader market. The increase in the price target from $18 to $20 is a positive adjustment, yet it still implies a downside from the current trading price, which could lead to negative sentiment among investors and potentially result in a short-term decline in the stock price.
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