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 Overweight rating on the shares. The firm sees it among the best operating trends of any bank through FY27, highlighted by 18% ROTCE, double-digit annual TBV growth, and group-leading buybacks. Shares aren’t cheap, but should see continued expansion alongside TBV growth, Wells adds.