A research note on Multinational & Regional Banks by Sterne Agee analysts Todd L. Hagerman and Robert Greene reiterates a Buy rating on Puerto Rico exposed banks Popular Inc (NASDAQ:BPOP), First Bancorp (NYSE:FBP) and OFG Bancorp (NYSE:OFG), albeit with riders. “While a clear path has been established to improve the Commonwealth’s fiscal woes, patience is beginning to wear thin. To that end, our sense is on-going stabilization in the underlying economy and a return to the long-term capital markets in early ’14 are required to restore investor confidence,” say the analysts. Markets worried about recent events in Puerto Rico The…
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