BTIG Reiterates Buy Rating on Popular, Inc. (BPOP)

BTIG analyst Mark Palmer reiterated a Buy rating and $66.00 price target on Popular, Inc. (NASDAQ: BPOP) after meeting with management. The means by which Popular, Inc. (BPOP) should be able to shrink the valuation gap between the company and its U.S. regional bank peers and the outlook for the economy of its home market in Puerto Rico were among the topics discussed. One of the ways in which BPOP will be able to deploy its excess capital and reduce its CET1 is through share buybacks.

BPOP shares are trading at a modest premium to the company’s book value per share of $48.58 as of March 31, far from the steep discount at which the stock traded in the aftermath of the September 2017 hurricanes that ravaged Puerto Rico. Even so, their valuation remains a fraction of those commanded by the U.S. regional banks that management views as peers.

For an analyst ratings summary and ratings history on Popular, Inc. click here. For more ratings news on Popular, Inc. click here.

Shares of Popular, Inc. closed at $52.69 yesterday.

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