Cathay General upgraded to Overweight from Equal Weight at Stephens

Stephens upgraded Cathay General (CATY) to Overweight from Equal Weight with a price target of $60, up from $48. The stock’s valuation is currently in line with the company’s seven-year average, notes the analyst, who isn’t “necessarily banking on much multiple expansion,” but sees Cathay having ahead-of-peer repricing potential over the next several years.