2024-07-23 13:03:20 ET
Summary
- Bank of Hawaii Corporation downgraded to hold after recent buy calls.
- Q2 earnings miss with declining revenues, loan, and deposit contraction.
- Operational efficiency declines, a sell signal for investors.
This morning, we are downgrading the Bank of Hawaii Corporation ( BOH ) to a hold. We had two recent buy calls on the stock, one in July 2023 , and reiterated a buy in October 2023 . The bank that serves customers in the Hawaiian Islands market, in our opinion, is facing operational pressure after a tough two-year stretch that saw not only immense pain for regional banks as a whole, but wildfire tragedies ravaging Maui. The stock is up markedly from our calls, but now we issue a gentleman's sell call by moving to hold. In short, take your profit. We see limited upside from here....
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Bank of Hawaii: Upside Limited, Take Profit (Rating Downgrade)