BofA upgraded Popular (BPOP) to Buy from Neutral with a price target of $156, up from $141. Shares are trading at or near their 52-week high, but the firm thinks there is further upside, the analyst tells investors. Credit quality, which is normalizing but not at alarming rates, has performed better-than-expected, while the drivers toward sustainable mid-teens ROTCE are largely unchanged, the analyst added.
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