East West Bancorp price target raised to $123 from $111 at Piper Sandler

Piper Sandler analyst Matthew Clark raised the firm’s price target on East West Bancorp (EWBC) to $123 from $111 and keeps a Neutral rating on the shares. After the first wave of Q1 earnings across the firm’s Western bank coverage, operating EPS exceeded expectations by 5% with the median EPS up 23% year-over-year. Piper notes stronger than expected PPNR has been a common theme driven by better net interest margin expansion and tighter expense controls, partially offset by softer loan growth in a seasonally difficult quarter.