First BanCorp price target lowered to $20 from $22 at Wells Fargo

Wells Fargo lowered the firm’s price target on First BanCorp (FBP) to $20 from $22 and keeps an Equal Weight rating on the shares. The firm cites a softer guidance exacerbated by BPOP weakness, and the read-thru for deposit concerns through year-end. Wells doesn’t see much additional downside risk, as management re-engages the buyback, but says premium valuation limits upside potential.