Sterne Agee Takes A Bullish Stance On Puerto Rican Banks

Sterne Agee analysts Brett Rabatin and Nathan Race have resumed coverage of Popular Inc (NASDAQ:BPOP), OFG Bancorp (NYSE:OFG), and First Bancorp (NYSE:FBP) giving each of the Puerto Rican Banks a Buy rating and price targets of $35, $21.50, and $8 respectively. Puerto Rican Banks: Popular has improving capital structure Popular Inc (NASDAQ:BPOP)’s $35 price target is based on 11x 2015 estimates and a 1.0x pro forma tangible book per share (TBVPS). Rabatin and Race argue that branch sales and an improving credit profile should allow Popular to exit TARP with plenty of earning power. Being the market leader in Puerto…