Rochester, NY 8/19/2009 11:10:06 PM
Popular Inc. BPOP - Popular recently announces its Shares upgrades as Bank prices debt exchange
Popular Inc. BPOP
Last Wednesday Shares of Popular has risen after the bank priced a debt exchange offer it is launching to bolster its balance sheet. The company shares of San Juan, Puerto Rico-based Popular rose 34 cents, or 19 percent, to $2.10 in morning trading. Shares have traded between $1 and $12.45 during the past year.
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Keefe, Bruyette & Woods Inc. analyst Bain Slack upgraded the shares Wednesday to "Outperform" from "Market Perform" because of the debt exchange and expectations it will allow the bank to survive the ongoing recession.
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