First BanCorp downgraded to Market Perform from Outperform at Keefe Bruyette

Keefe Bruyette downgraded First BanCorp (FBP) to Market Perform from Outperform with a price target of $24, down from $26. The firm believes banks lacks the levers to offset its “more constrained” net interest margin outlook. First BanCorp is “already operating at a very high level,” which creates limited upside for the shares, the analyst tells investors in a research note.