UPDATE: Sterne Agee Lowers PT on East West Bancorp from $26 to $21

Sterne Agee has published a research report on East West Banccorp EWBC lowering the price target. In the report, Sterne Agee wrote, "In a pervasive low interest rate environment we think bears are more concerned replacement of earning assets at high enough yields will prove too challenging (covered asset represented 23% of average earning assets in 2Q11)." Sterne Agee rated East West Bancorp a BUY with a price target lowered from $26.00 to $21.00. Esat West Bancorp closed Monday at $14.70.