First BanCorp initiated with a Buy at Truist

Truist initiated coverage of First BanCorp (FBP) with a Buy rating and $25 price target The firm is positive on the Puerto Rico bank stocks as it sees structural tailwinds supporting the territory’s economy. The group offers “substantial” excess capital, improving returns, and value in the stocks, the analyst tells investors in a research note. Truist believes the benefits of federal infrastructure funds should continue to flow to the island for a number of years while Puerto Rico will also benefit from the reshoring of manufacturing to the U.S.