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Fly News Breaks for December 21, 2017
FBP
Dec 21, 2017 | 06:26 EDT
Citi analyst Arren Cyganovich upgraded First BanCorp to Buy with a $7 price target after taking over coverage of the name. The analyst believes the market is overly discounting the hurricane impacts and the bank's exposure to Puerto Rico economic weakness. Cyganovich finds First BanCorp well positioned to maintain lower funding costs and benefit from the post-hurricane recovery.
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