UPDATE: ISI Initiates Coverage on Hawaiian Electric Industries at Hold

According to ISI, Hawaiian Electric Industries (NYSE: HE) coverage is initiated at Hold.

ISI said that Hawaiian Electric Industries is a holding company that owns three electric utilities serving the Hawaiian islands (63% of ‘11 EPS, excluding parent drag) and is also owner of the 3rd largest savings bank in HI, American Savings Bank, (37% of ‘11 EPS). “Our $26/share price target is 14.5x our 2013e EPS, which is in line with our regulated utility universe average.”

Hawaiian Electric Industries closed yesterday at $25.95.