Popular price target raised to $110 from $100 at RBC Capital

RBC Capital raised the firm’s price target on Popular (BPOP) to $110 from $100 and keeps an Outperform rating on the shares after its Q4 earnings beat. The company continues to have a very strong capital position with a 16.0% common equity tier 1 ratio, which gives it flexibility and optionality to seize opportunities to grow the bank, the analyst tells investors in a research note. Puerto Rican economy also continues to benefit from the U.S. Government disaster relief spending and U.S. economic growth, while the country has started to see net immigration for the first time in years, RBC added.