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

Wells Fargo raised the firm’s price target on First BanCorp (FBP) to $22 from $20 and keeps an Equal Weight rating on the shares as part of a broader research note on mid-cap banks. The firm is adjusting its price targets on the sector, reflecting the current environment, also noting that its valuation methodology is now favoring earnings while moving away from tangible book value.