In a report released yesterday, Michael Lonegan from Evercore ISI maintained a Buy rating on Hawaiian Electric (HE – Research Report), with a price target of $14.00.
Michael Lonegan has given his Buy rating due to a combination of factors that suggest a positive outlook for Hawaiian Electric. The recent ruling by the Hawaii Supreme Court, which limits insurers to recovering claims through statutory liens rather than independent subrogation actions, is seen as a stabilizing factor for the company. This decision is expected to promote settlements and minimize disruptions in resolving mass tort claims, providing a clearer path forward for Hawaiian Electric.
Additionally, the analyst maintains confidence in the finalization of settlements, which supports the Outperform rating. With a target price of $14.00 and an expected total return of 34.6%, the financial metrics indicate a promising investment opportunity. The market capitalization and shares outstanding further reinforce the potential for growth, making Hawaiian Electric a compelling choice for investors.