Evercore ISI upgraded Hawaiian Electric (HE) to Outperform from In Line with a price target of $14, up from $12. The market underappreciates the Hawaii Supreme Court’s decision and the low likelihood of insurers disrupting the settlement, the analyst tells investors in a research note. The firm says Hawaiian Electric shares trade at a 45% discount on forward-year earnings, comparable to when Bloomberg reported in July 2024 that a tentative settlement was reached but could still fall apart. Today the company is in a stronger position given a definitive settlement agreement with clarity towards finalization, an improved balance sheet, and significantly higher liquidity via cash on hand, contends Evercore ISI.
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