First BanCorp price target raised to $26 from $25 at Truist

Truist analyst Arren Cyganovich raised the firm’s price target on First BanCorp (FBP) to $26 from $25 and keeps a Buy rating on the shares after its Q1 earnings beat. The company’s outlook remained roughly unchanged, with stable credit, expanding net interest margins, and modest balance sheet growth, the analyst tells investors in a research note. Truist adds that it expects First BanCorp to benefit from a positive backdrop in Puerto Rico, including sustained federal reconstruction spending and onshoring investment in manufacturing.