Jefferies initiated coverage on Oriental Financial Group OFG with a Buy rating and a $20.00 price target.
Jefferies noted, "We believe there is more room to run in the shares, as the company trades a significant discount to mainland-based peers with a similar ROE profile, has better post-acquisition capital than expected, should beat guided ‘13 EPS, and has strategic tailwinds. While the market remains concerned about a difficult operating environment in Puerto Rico, we believe the company can still generate better than average returns."
Oriental Financial Group closed at $14.81 on Thursday.
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