Popular price target lowered to $80 from $90 at Piper Sandler

Piper Sandler analyst Alexander Twerdahl lowered the firm’s price target on Popular to $80 from $90 and keeps an Overweight rating on the shares. The company reported "another frustrating quarter," missing estimates by 48c on a core earnings per share basis driven by lower net interest income, higher provision and higher operating expenses, the analyst tells investors in a research note. However, the bull case is still intact and the shares offer a good entry point for investors looking to capitalize on tangible book value recapture over the next few years, writes Piper.