First BanCorp price target raised to $16 from $15 at Wells Fargo

Wells Fargo analyst Timur Braziler raised the firm’s price target on First BanCorp to $16 from $15 and keeps an Equal Weight rating on the shares. The firm highlights steady results, massive buybacks, and now a new tax catalyst. Wells likes the First BanCorp story, but believes there is better value on the island.