Keefe, Bruyette & Woods Upgrades Popular, Inc. (BPOP) to Outperform; Adjusts Estimates
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Keefe, Bruyette & Woods upgrades Popular, Inc. (Nasdaq: BPOP) from Market Perform to Outperform. Price target $3.50.
Keefe analyst says, "The issuance of new common stock in exchange for outstanding preferred and trust preferred stock is net positive and will help BPOP manage through the rest of the credit cycle with a higher common equity base. We are increasing our price target to $3.50, which isin- line with pro-forma and cycle-end stress case TBV and 6X our normalized earnings of $0.60. Adjusting EPS estimates."
Keefe analyst changes 2009 EPS estimates from ($2.73) to ($2.39) and 2010 from $0.30 to $0.25.
To see more analyst ratings on BPOP Click Here.
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