Bank Of America Lowers Price Target On Hawaiian Electric Industries To $23

According to Bank of America, Hawaiian Electric Industries HE estimates are lowered. Bank of America said that Hawaiian Electric Industries (HE) reported 2Q11 earnings of $0.28, below the $0.31 estimate, based on higher O&M. “We are lowering our P.O. from $24 to $23 based on a lower multiple for bank peers.” Hawaiian Electric Industries closed on Friday at $22.54.