Popular price target raised to $80 from $75 at Wells Fargo

Wells Fargo raised the firm’s price target on Popular to $80 from $75 and keeps an Overweight rating on the shares. The firm says results demonstrate the broader decoupling of Puerto Rico and the U.S. mainland, highlighted by balance sheet growth and a conservative credit outlook. TBV growth remains the near-term catalyst for further valuation expansion, Wells adds.