DA Davidson Upgrades Cathay General Bancorp (CATY) to Buy

DA Davidson upgraded Cathay General Bancorp (NASDAQ: CATY) from Neutral to Buy while maintaining an $18.50 price target.

DA Davidson notes the stock has sold-off by nearly 14 percent since reporting earnings on July 20th, "significantly" underperforming the Nasdaq Bank Index. The firm said "CATY has made progress on improving asset quality and has now been profitable for four consecutive quarters."

With Cathay shares down 0.3 percent to $13.82 Monday, DA Davidson's price target implies potential upside of 34 percent.

For more ratings news on Cathay General Bancorp click here and for the rating history of Cathay General Bancorp click here.

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