Cathay General price target raised to $50 from $44 at Wedbush

Wedbush analyst David Chiaverini raised the firm’s price target on Cathay General to $50 from $44 and keeps an Outperform rating on the shares. The firm notes Cathay reported a mixed quarter as loan growth was lower than expected, but EPS beat its estimate driven by a better-than-expected loan loss provision. Guidance updates were net negative with the outlook for both loan growth and deposit growth reduced, Wedbush adds.