Popular price target raised to $118 from $110 at RBC Capital

RBC Capital analyst Gerard Cassidy raised the firm’s price target on Popular (BPOP) to $118 from $110 and keeps an Outperform rating on the shares as part of a broader research note on U.S. Banks, reflecting the firm’s latest outlook for Markets and Investment Banking revenues. RBC’s higher price target primarily reflects its profitability and risk assessment of the company relative to a peer group of similar companies, as well as the current economic expectations, the analyst tells investors in a research note.