Hawaiian Electric price target raised to $11.25 from $11 at Jefferies

Jefferies raised the firm’s price target on Hawaiian Electric (HE) to $11.25 from $11 and keeps a Hold rating on the shares. The firm is “increasingly positive” on shares as it argues that Hawai’s pending wildfire legislation establishes a liability cap and securitization, setting a trajectory for eventual credit recovery and earnings normalization. However, “critical unanswered questions remain as overhangs,” and although the firm sees the “foundations of a constructive, asymmetric return profile,” it acknowledges it “will take time.”