OFG Bancorp price target lowered to $48 from $50 at Truist

Truist analyst Arren Cyganovich lowered the firm’s price target on OFG Bancorp (OFG) to $48 from $50 and keeps a Buy rating on the shares after its Q3 earnings miss. Two areas impacted results during the quarter – higher credit costs and net interest margin – though with that said, the driver of the more conservative net interest margin guide was partly due to chunky commercial loan repayments and partly due to retail deposit customer acquisitions, the analyst tells investors in a research note.