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In a report published Friday, Credit Suisse analyst Matthew Clark initiated coverage on
First BancorpFBP with an Outperform rating and $10.00 price target.
In the report, Credit Suisse noted, “We initiate coverage on First BanCorp with an Outperform rating and a $10 target price, reflecting 1.3x our adj. TBV estimate or 10x normalized EPS plus excess capital. FBP has better visibility than most banks at this stage to improve profitability with multiple levers. We find downside risk limited when conservatively assuming another bulk loan sale.”
First Bancorp closed on Thursday at $6.75.
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