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UPDATE: Sterne Agee Reiterates Buy Rating, Raises PT on Popular

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Barclays On Popular Bank: 'Island Life Can Be Tough Sometimes'
Benzinga's Top Initiations

In a report published Monday, Sterne Agee reiterated its Buy rating on Popular (NASDAQ: BPOP), and raised its price target from $26.00 to $30.00.

Sterne Agee noted, “Bottom-line profits handily surpassed conservative expectations as Popular's underlying fundamentals improved across the board. Results were underscored by a marked decline in commercial inflows, problem assets, and environmental-related costs. Additionally, both the margin and spread income improved and commercial loan demand showed signs of life. Credit leverage and steadily improving fundamentals remain primary catalysts for the shares.”

Popular closed on Friday at $26.18.

Latest Ratings for BPOP

DateFirmActionFromTo
Jun 2016BarclaysInitiates Coverage onEqual-weight
Apr 2016Piper JaffrayInitiates Coverage onOverweight
Feb 2016Merion CapitalInitiates Coverage onOutperform

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