Compass Point Reiterates Buy on Oriental Financial Group (OFG)

Compass Point is out with its report today on Oriental Financial Group OFG, reiterating Buy. In a note to clients, Compass Point writes, "We reiterate our price target of $16.50 and our buy rating on shares of OFG. We are reducing our 2011E EPS from $0.92 to $0.73 and reducing our 2012E EPS from $1.88 to $1.81. Our 2011E estimate decrease is reflective of lower loan growth assumptions and non‐core charges taken in the 2011Q1. Driving our 2012E estimate reduction is a lower loan growth outlook given weaker performance than management had previously indicated." Compass Point has a $16.50 PT on OFG. Shares of OFG closed Friday at $12.19.