UBS upgraded Popular (BPOP) to Buy from Neutral with a price target of $160, up from $142, after assuming coverage of the name. The firm expects the bank’s “group-leading” earnings growth and multiple expansion to drive the shares higher. The Puerto Rico economy continues to decouple from the U.S., with onshoring and military recommissioning providing economic boosts, the analyst tells investors in a research note. UBS views Popular as the “largest higher-for-longer winner in the group.”
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