Popular price target lowered to $96 from $108 at RBC Capital

RBC Capital lowered the firm’s price target on Popular (BPOP) to $96 from $108 but keeps an Outperform rating on the shares. The 2024 outlook has been tempered by slower growth in net interest income, but the company has a very strong capital position with a 16.4% common equity tier 1 ratio, which gives it flexibility and optionality to seize opportunities to grow the bank, and as the Puerto Rican economy demonstrates resiliency, in part due to the U.S. government fiscal spending, Popular looks “well positioned”, the analyst tells investors in a research note.