Popular price target lowered to $98 from $105 at Wells Fargo

Wells Fargo lowered the firm’s price target on Popular (BPOP) to $98 from $105 and keeps an Equal Weight rating on the shares as deposit outflows and mix-shift hit net interest income, with management walking back the year-end 2025 ROTCE guidance. While Wells sees some attractive long-term value, it notes incremental risk for EPS revisions with the Q4 guide for 2025.