First BanCorp price target lowered to $21 from $22 at Piper Sandler

Piper Sandler lowered the firm’s price target on First BanCorp (FBP) to $21 from $22 and keeps a Neutral rating on the shares. The firm notes First BanCorp reported core EPS in-line with Piper, and a 4c beat versus consensus. The firm assumes weakness on Wednesday reflected a net interest margin/net interest income shortfall as well as trading down a bit in sympathy with Popular (BPOP).