First BanCorp assumed with a Neutral at Piper Sandler

Piper Sandler assumed coverage of First BanCorp (FBP) with a Neutral rating and $22 price target as the analyst took over coverage of the three primary commercial banks headquartered in Puerto Rico. Of the three, the analyst believes Popular (BPOP) is the most attractive and has the greatest potential to see positive estimate revisions and share price upside over the next 12 months, the firm noted.