Wells Fargo downgrades First BanCorp to Equal Weight, lowers target to $14

As previously reported, Wells Fargo analyst Timur Braziler downgraded First BanCorp to Equal Weight from Overweight with a price target of $14, down from $17, on limited near-term catalysts. The analyst believes Street estimates are going to trend lower over the next 6-9 months for FBP, as the effects of a smaller and more expensive deposit base works through net interest income assumptions.