FBR Capital Reiterates an 'Outperform' on Popular, Inc. (BPOP); Raising 2011 Estimates - Internal Capital Generation Begins
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Price: $177.62 +0.33%
Rating Summary:
15 Buy, 2 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
15 Buy, 2 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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FBR Capital reiterates an 'Outperform' on Popular, Inc. (NASDAQ: BPOP), PT $4.50.
FBR analyst says, "After speaking to company management and reviewing the company's financials, we are reiterating Popular as our FBR Top Pick and maintaining an Outperform rating. Additionally, we are raising our 2011 EPS estimate from $0.07 to $0.29 on lower loan loss provision and operating expense expectations, mostly stemming from progress in recent quarters."
"While the company faces headwinds from both covered and uncovered loan
runoff as well as continued elevated nonperforming asset levels, we believe the
profitability hurdle is now in the rearview mirror. This internal capital generation
should allow Popular to actively manage its troubled credits, including the $500 million of BPPR assets related to the recently announced terminated asset sale. Trading at 0.91x 1Q11 TBV and 6.6x our 2012 EPS estimate, we continue to find value in the shares."
For more ratings news on Popular, Inc. click here and for the rating history of Popular, Inc. click here.
Shares of Popular, Inc. closed at $2.70 yesterday.
FBR analyst says, "After speaking to company management and reviewing the company's financials, we are reiterating Popular as our FBR Top Pick and maintaining an Outperform rating. Additionally, we are raising our 2011 EPS estimate from $0.07 to $0.29 on lower loan loss provision and operating expense expectations, mostly stemming from progress in recent quarters."
"While the company faces headwinds from both covered and uncovered loan
runoff as well as continued elevated nonperforming asset levels, we believe the
profitability hurdle is now in the rearview mirror. This internal capital generation
should allow Popular to actively manage its troubled credits, including the $500 million of BPPR assets related to the recently announced terminated asset sale. Trading at 0.91x 1Q11 TBV and 6.6x our 2012 EPS estimate, we continue to find value in the shares."
For more ratings news on Popular, Inc. click here and for the rating history of Popular, Inc. click here.
Shares of Popular, Inc. closed at $2.70 yesterday.
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