Popular (BPOP): Reiterating Overweight - Piper Jaffray
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Piper Jaffray analyst, Brett Rabatin, reiterated his Overweight rating on shares of Popular, Inc. (NASDAQ: BPOP). Besides solid 2Q16 earnings and some hope for a better eventual outlook for Puerto Rico with PROMESA, the analyst believes shares of BPOP have moved higher due to investors realizing the capital plan this fall will likely include a buyback accretive to EPS and TBVPS over the next year.
While some investors may be concerned that the positive "buyback news" is in the shares, the analyst thinks the buyback, potential M&A, and possibly lower credit costs over the next year will result in the shares reaching his 1x TBVPS target.
No change to the price target of $48.00
Shares of Popular, Inc. closed at $37.83 yesterday.
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