OFG Bancorp downgraded to Market Perform from Outperform at Keefe Bruyette

Keefe Bruyette analyst Kelly Motta downgraded OFG Bancorp (OFG) to Market Perform from Outperform with a price target of $43, down from $50. The firm says the bank’s net interest income outlook is more constrained than it previously expected. It will be challenging for OFG to re-rate when its revenue is under pressure, particularly as its credit “has also been noisy” in the past two quarters, the analyst tells investors in a research note.