East West Bancorp price target lowered to $100 from $118 at DA Davidson

DA Davidson lowered the firm’s price target on East West Bancorp (EWBC) to $100 from $118 and keeps a Buy rating on the shares. The company’s net interest margins stabilized more than expected in Q1, driving an upside result relative to Street expectations, the analyst tells investors in a research note. East West’s revenue guidance was also unchanged, and it appears that its net interest income view could be conservative, given Q1 result and dependent on the number of Fed rate cuts for the remainder of the year, DA Davidson added.