Bank of Hawaii "neutral," target price reduced

01/29/08 - D.A. Davidson & Co.

NEW YORK, January 29 (newratings.com) - Analysts at DA Davidson maintain their "neutral" rating on Bank of Hawaii Corp (BOH), while reducing their estimates for the company. The target price has been reduced from $54 to $51.

In a research note published this morning, the analysts mention that the company has posted its 4Q EPS short of the estimates and the consensus. Bank of Hawaii’s credit quality is likely to remain impressive and the company’s operating costs are expected to rise in 2008, the analysts say. DA Davidson expects the company’s loan growth to remain low until the economic trends improve. The EPS estimate for 2008 has been reduced from $4.15 to $4.00.