First BanCorp price target lowered to $23 from $25 at Wells Fargo

Wells Fargo analyst Timur Braziler lowered the firm’s price target on First BanCorp (FBP) to $23 from $25 and keeps an Overweight rating on the shares. The firm remains bullish on the name on best ROTCE and capital return story in PR, despite increased deposit competition from OFG (OFG) and rate cuts weighing on the net interest income outlook. PR economy continues to diverge from the mainland, and First BanCorp should benefit, Wells argues.