12:20 PM EDT, 04/24/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We raise our 12-month target price by $8 to $105, 12.2x our 2025 EPS estimate, above EWBC's five-year forward P/E average of 9.9x given expected market share gains as many peers are in a defensive mode. We lower our 2024 EPS view by $0.07 to $8.28 and increase 2025's by $0.06 to $8.62. EWBC posted Q1 adjusted EPS of $2.08 vs. $2.32 a year ago, $0.08 above consensus. Net interest income fell 2% Q/Q as the bank's net interest margin compressed 14 bps to 3.34%. Loan balance rose 1% given strength in residential mortgage (+3%) and commercial & industrial (+2%). Deposit balances hit an all-time high (+4%) as EWBC leaned into time deposits through a Lunar New Year CD special. We view EWBC as well positioned to outperform in a higher-for-longer rate environment as the bank does not have large unrealized losses in its investment securities portfolio. Additionally, shares should be boosted by strong buyback activity as the bank's CET1 ratio of 13.5% (+20 bps Q/Q) is well above the peer average of 11.6%.