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).
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