Popular price target raised to $123 from $110 at Piper Sandler

Piper Sandler raised the firm’s price target on Popular (BPOP) to $123 from $110 and keeps an Overweight rating on the shares. The firm says that aside from opportunities for growth, Popular has two powerful stories to tell. Firstly, and most significantly, a prolonged asset repricing story, largely within the investment securities book, and secondly sustained repurchase activity given significantly outsized capital levels. After doing a deeper dive into repricing dynamics following earnings, Piper is resetting its earnings expectation higher particularly for next year and are now $1 or nearly 10% ahead of the current 2026 consensus.