First BanCorp price target raised to $20 from $19 at Wells Fargo

Wells Fargo raised the firm’s price target on First BanCorp to $20 from $19 and keeps an Equal Weight rating on the shares. The firm notes stable results were highlighted by accelerating deployment of federal stimulus dollars and the continued improvement of the PR consumer. Continued buyback activity and other capital returns support shares, although valuation seems full here, Wells says.