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