First BanCorp price target lowered to $16 from $17 at BofA

BofA lowered the firm’s price target on First BanCorp to $16 from $17 and keeps a Buy rating on the shares as part of a broader research note on U.S. Banks. Worsening revenue trends that include slowing loan growth, declining net interest margins, and tempered fees are widely expected, the analyst tells investors in a research note. Rising interest rates also continue to widen mark-to-market losses on bond books, and as asset quality worsens, it should begin to “matter more” as investors brace for a credit cycle, the firm added.