First Hawaiian gets 'equal-weight' rating as Stephens starts coverage
** Stephens initiates coverage of regional lender First HawaiianFHB.O with "equal-weight" rating and $30 PT, an 8.4% upside to stock's last close
** Brokerage says FHB has several positive attributes that are compelling, but it is waiting for bigger net interest margin (NIM) waves
** NIM is a key measure of banking profitability which shows how much a bank is earning in interest on loans against the amount it pays depositors
** Brokerage sees modest NIM headwinds over the next several quarters for FHB given its asset sensitivity
** Asset sensitive banks are those institutions whose assets are expected to reprice faster than their liabilities
** Such banks are negatively affected by a fall in interest rates, with FHB expecting a 3.2% hit to its net interest income from ~100 basis points in rate cuts
** As of last close, FHB shares up 21.1% YTD
Reporting by Arasu Kannagi Basil in Bengaluru
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