Posted on: Tuesday, June 29, 2004

Bankoh gets 'buy' rating

Advertiser Staff

Bank of Hawaii was upgraded to a "buy" rating from a "hold" by Sandler O'Neill, an investment banking firm. Analyst Mike McMahon said a strong Hawaiian economy and pending Fed rate increases should be favorable to the bank's business.

He set a $50 price target for the stock and raised his 2004 earnings estimate by 7 cents to $2.92 a share. Shares rose by $1 to $45.42 yesterday.