Cathay General downgraded to Equal Weight from Overweight at Stephens

Stephens downgraded Cathay General (CATY) to Equal Weight from Overweight with an unchanged price target of $50. With Cathay raising its net interest margin guidance in April and NIM expansion having slowed materially such that NIM guidance was reiterated this quarter, the firm believes its prior upgrade rationale predicated on less-appreciated fixed asset repricing potential catalysts have “mostly played out,” the analyst tells investors.