First BanCorp upgraded to Overweight from Equal Weight at Wells Fargo

Wells Fargo analyst Timur Braziler upgraded First BanCorp (FBP) to Overweight from Equal Weight with a $20 price target The firm expects management to re-engage the buyback in Q1/Q2, as the last 3 quarters have been used to pay down debt. First BanCorp is also set to benefit from public funds repricing, as well as the broader economic improvement on the island, Wells adds. The company is the most profitable of the PR banks, generating 18% ROTCE, and the firm expects that profitability to be better reflected in the valuation as management begins repurchasing shares once again.