UPDATE: Wunderlich Initiates Coverage on Bank of Hawaii Corp. at Buy (BOH)

Wunderlich is out with its report today on Bank of Hawaii Corp. BOH, initiating BOH at Buy. In a note to clients, Wunderlich writes, "We are initiating coverage of Bank of Hawaii Corporation with a Buy rating and $55 price target on the shares. BOH employs a community banking strategy of convenience that has resulted in the leading brand and strongest name recognition of any institution in Hawaii. BOH has abundant capital, strong credit quality, and a seasoned management team with deep knowledge of the banking environment in Hawaii. BOH is likely to continue driving above-average returns that are steady, predictable, and repeatable for the foreseeable future, hence our Buy recommendation on the shares." Shares of BOH closed Thursday at $46.05.